Primo Brands Corporation $PRMB Holdings Lifted by Sterling Capital Management LLC

Key Points

• Sterling Capital Management increased its Primo Brands stake by 1,569.2% in the third quarter, bringing its holdings to 122,568 shares valued at approximately $2.34 million. Institutional investors collectively own 87.71% of the company.
• Analyst sentiment remains positive, with 10 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $27.82. Royal Bank of Canada recently raised its target to $31.
• Primo Brands beat quarterly expectations with earnings of $0.37 per share versus a $0.32 estimate and revenue of $1.80 billion, up 3.8% year over year. CEO Eric Foss also purchased 84,000 shares, while the company pays a quarterly dividend of $0.12 per share.

Sterling Capital Management LLC raised its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 1,569.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 122,568 shares of the company's stock after purchasing an additional 115,225 shares during the quarter. Sterling Capital Management LLC's holdings in Primo Brands were worth $2,335,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in shares of Primo Brands by 76.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company's stock worth $37,000 after buying an additional 853 shares during the period. Glenmede Trust Co. NA increased its position in Primo Brands by 5.3% in the 1st quarter. Glenmede Trust Co. NA now owns 21,227 shares of the company's stock valued at $400,000 after acquiring an additional 1,075 shares during the period. IFP Advisors Inc increased its position in Primo Brands by 64.4% in the 2nd quarter. IFP Advisors Inc now owns 3,069 shares of the company's stock valued at $75,000 after acquiring an additional 1,202 shares during the period. Sanctuary Advisors LLC increased its position in Primo Brands by 13.9% in the 1st quarter. Sanctuary Advisors LLC now owns 12,309 shares of the company's stock valued at $232,000 after acquiring an additional 1,502 shares during the period. Finally, Harbor Investment Advisory LLC bought a new stake in Primo Brands during the 2nd quarter valued at $37,000. Institutional investors own 87.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. TD Cowen reiterated a "buy" rating on shares of Primo Brands in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $21.00 price target on Primo Brands in a research note on Monday, October 19th. Morgan Stanley reissued an "overweight" rating and set a $29.00 price target on shares of Primo Brands in a report on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Primo Brands in a research note on Friday, August 7th. Finally, Royal Bank Of Canada lifted their price objective on shares of Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.82.

Insiders Place Their Bets

In other Primo Brands news, CEO Eric Foss bought 84,000 shares of Primo Brands stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average cost of $23.80 per share, for a total transaction of $1,999,200.00. Following the completion of the acquisition, the chief executive officer owned 573,806 shares of the company's stock, valued at approximately $13,656,582.80. This represents a 17.15% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 32.90% of the company's stock.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $19.75 on Monday. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $26.21. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.71. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of 75.95, a PEG ratio of 1.99 and a beta of 0.71. The firm has a 50-day moving average of $20.85 and a two-hundred day moving average of $22.24.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. As a group, analysts expect that Primo Brands Corporation will post 1.27 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Monday, August 24th. Primo Brands's dividend payout ratio (DPR) is presently 184.62%.

Primo Brands Profile

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.

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