Senator Investment Group LP Has $78.14 Million Stake in Primo Brands Corporation $PRMB

Key Points

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Senator Investment Group LP increased its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 53.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,201,798 shares of the company's stock after purchasing an additional 768,293 shares during the period. Primo Brands makes up about 4.1% of Senator Investment Group LP's portfolio, making the stock its 4th biggest holding. Senator Investment Group LP owned approximately 0.58% of Primo Brands worth $78,142,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners grew its position in shares of Primo Brands by 9,613.2% in the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after buying an additional 7,044,263 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Primo Brands during the 1st quarter worth approximately $184,225,000. Eminence Capital LP acquired a new position in Primo Brands during the 4th quarter worth approximately $145,670,000. Vanguard Group Inc. raised its stake in shares of Primo Brands by 28.7% in the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after purchasing an additional 4,389,327 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth approximately $128,982,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on PRMB. Barclays lowered their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Mizuho reduced their target price on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday. Bank of America reduced their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Finally, TD Securities reduced their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.30.

Primo Brands Trading Down 0.7%

Shares of NYSE PRMB traded down $0.1620 during trading hours on Friday, hitting $24.7480. The company's stock had a trading volume of 3,945,273 shares, compared to its average volume of 5,273,831. The business has a 50-day simple moving average of $28.05 and a 200-day simple moving average of $31.10. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The stock has a market cap of $9.24 billion, a price-to-earnings ratio of -224.98, a P/E/G ratio of 0.59 and a beta of 0.72. Primo Brands Corporation has a 12 month low of $21.54 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.83 billion. The firm's revenue for the quarter was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

Insider Activity

In other news, Director Michael John Cramer acquired 4,000 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the acquisition, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven P. Stanbrook acquired 12,400 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 24,685 shares of company stock worth $595,770. Insiders own 58.40% of the company's stock.

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.