Newbrook Capital Advisors LP Cuts Stock Position in Primo Brands Corporation $PRMB

Key Points

• Newbrook Capital Advisors LP has reduced its holdings in Primo Brands Corporation by 6.4% in the first quarter, making it their 4th largest position in their portfolio at approximately 7.1% ownership.
• Primo Brands reported a quarterly earnings per share (EPS) of $0.36, missing analysts' expectations of $0.41, with revenue of $1.73 billion, up by 31.6% year-over-year.
• The company has announced a quarterly dividend of $0.10, with a payout ratio currently at -363.64%, reflecting ongoing financial adjustments amidst fluctuating earnings.

Newbrook Capital Advisors LP cut its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 6.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,269,625 shares of the company's stock after selling 86,223 shares during the quarter. Primo Brands accounts for about 7.1% of Newbrook Capital Advisors LP's portfolio, making the stock its 4th largest holding. Newbrook Capital Advisors LP owned about 0.34% of Primo Brands worth $45,059,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ritholtz Wealth Management acquired a new position in Primo Brands during the 1st quarter worth approximately $608,000. Bank of New York Mellon Corp increased its position in Primo Brands by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after purchasing an additional 96,366 shares in the last quarter. Amalgamated Bank increased its position in Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after purchasing an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares in the last quarter. Finally, Sei Investments Co. increased its position in Primo Brands by 8.7% during the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company's stock worth $13,228,000 after purchasing an additional 29,939 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Trading Up 0.5%

NYSE PRMB traded up $0.11 on Friday, hitting $25.22. The company's stock had a trading volume of 4,442,434 shares, compared to its average volume of 5,522,635. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 1-year low of $21.60 and a 1-year high of $35.85. The company's 50-day moving average is $27.01 and its 200 day moving average is $30.47. The firm has a market cap of $9.42 billion, a PE ratio of -229.31, a PEG ratio of 0.66 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. The firm's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's dividend payout ratio is currently -363.64%.

Insider Activity

In other news, Director Steven P. Stanbrook acquired 12,400 shares of Primo Brands stock in a transaction dated Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director owned 125,025 shares in the company, valued at $3,005,601. This trade represents a 11.01% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robbert Rietbroek acquired 8,285 shares of Primo Brands stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the purchase, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 24,685 shares of company stock valued at $595,770. 58.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on PRMB. Barclays lowered their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Morgan Stanley lowered their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. TD Securities lowered their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Zacks Research cut shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Finally, Mizuho decreased their price target on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, August 20th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Primo Brands currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.