Alyeska Investment Group L.P. Purchases 885,765 Shares of Primo Brands Corporation $PRMB

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. grew its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 87.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,904,001 shares of the company's stock after buying an additional 885,765 shares during the period. Alyeska Investment Group L.P. owned 0.51% of Primo Brands worth $67,573,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRMB. IFP Advisors Inc acquired a new stake in shares of Primo Brands in the 1st quarter valued at $40,000. Versant Capital Management Inc boosted its position in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Primo Brands in the 1st quarter worth $43,000. Parallel Advisors LLC boosted its position in shares of Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Primo Brands in the 1st quarter worth $54,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRMB has been the topic of several recent research reports. TD Securities reduced their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Barclays reduced their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Morgan Stanley reduced their price target on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Mizuho reduced their price target on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 20th. Finally, Royal Bank Of Canada reduced their price target 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. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

Insider Activity

In other news, Director Michael John Cramer purchased 4,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the acquisition, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 24,685 shares of company stock worth $595,770 over the last three months. Corporate insiders own 58.40% of the company's stock.

Primo Brands Trading Up 0.5%

PRMB stock traded up $0.11 during midday trading on Friday, hitting $25.22. 4,442,434 shares of the company's stock were exchanged, compared to its average volume of 5,522,635. The stock's fifty day moving average price is $27.01 and its 200-day moving average price is $30.47. 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 company has a market cap of $9.42 billion, a PE ratio of -229.31, a price-to-earnings-growth ratio of 0.66 and a beta of 0.76. Primo Brands Corporation has a one year low of $21.60 and a one year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results 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). The business had revenue of $1.73 billion for 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 company's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued 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 was Thursday, August 21st. Primo Brands's payout ratio is -363.64%.

About Primo Brands

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.