Primo Brands Corporation $PRMB Shares Acquired by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. increased its stake in Primo Brands Corporation by 87.0%, owning 1,904,001 shares valued at approximately $67.57 million as of the latest SEC filing.
• Primo Brands recently declared a $0.10 quarterly dividend, representing an annual yield of 1.6%, with the ex-dividend date set for August 21st.
• Despite an annual revenue increase of 31.6%, the company reported a negative net margin of 1.20% and missed earnings estimates for the quarter.

Alyeska Investment Group L.P. boosted its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 87.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,904,001 shares of the company's stock after acquiring an additional 885,765 shares during the quarter. Alyeska Investment Group L.P. owned about 0.51% of Primo Brands worth $67,573,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of PRMB. Ritholtz Wealth Management acquired a new position in Primo Brands in the first quarter valued at $608,000. Bank of New York Mellon Corp boosted its stake in shares of 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 acquiring an additional 96,366 shares in the last quarter. Amalgamated Bank raised its stake in Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock valued at $244,000 after purchasing an additional 1,488 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Primo Brands by 14.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after acquiring an additional 1,656 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Primo Brands by 8.7% in the first 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. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Price Performance

PRMB stock traded down $0.60 during midday trading on Monday, reaching $24.65. The company had a trading volume of 1,102,789 shares, compared to its average volume of 5,237,235. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a 1 year low of $21.60 and a 1 year high of $35.85. The company has a market capitalization of $9.21 billion, a P/E ratio of -223.90, a P/E/G ratio of 0.67 and a beta of 0.76. The firm has a 50-day moving average price of $27.01 and a 200-day moving average price of $30.43.

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

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PRMB shares. Royal Bank Of Canada decreased their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Morgan Stanley decreased their price target on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Barclays cut their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

Insider Activity at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek purchased 8,285 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the acquisition, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael John Cramer bought 4,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the transaction, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. This represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 24,685 shares of company stock valued at $595,770 in the last three months. 58.40% of the stock is owned by insiders.

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.