T. Rowe Price Investment Management Inc. Increases Stock Holdings in Primo Brands Corporation $PRMB

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Primo Brands Corporation by 31.8%, acquiring an additional 380,301 shares and reaching a total of 1,575,473 shares valued at approximately $55.9 million.
• Primo Brands' quarterly earnings report revealed an EPS of $0.36, which fell short of analysts' estimates, alongside a 31.6% year-over-year revenue growth of $1.73 billion.
• The company announced a quarterly dividend of $0.10 per share, indicating an annualized yield of 1.6%, with a dividend payout ratio currently at -363.64%.

T. Rowe Price Investment Management Inc. lifted its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 31.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,575,473 shares of the company's stock after buying an additional 380,301 shares during the period. T. Rowe Price Investment Management Inc. owned about 0.42% of Primo Brands worth $55,914,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. LPL Financial LLC bought a new position in shares of Primo Brands during the fourth quarter worth about $550,000. Bank of Montreal Can bought a new stake in shares of Primo Brands during the 4th quarter valued at about $282,000. Invesco Ltd. purchased a new position in Primo Brands in the 4th quarter worth approximately $4,007,000. Mariner LLC purchased a new position in Primo Brands in the fourth quarter worth $574,000. Finally, Guggenheim Capital LLC bought a new position in shares of Primo Brands during the 4th quarter valued at about $465,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Down 1.2%

Shares of NYSE PRMB traded down $0.32 during mid-day trading on Thursday, reaching $25.17. 2,396,642 shares of the company were exchanged, compared to its average volume of 5,246,717. The firm has a 50-day moving average of $27.66 and a 200 day moving average of $30.87. 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 stock has a market cap of $9.40 billion, a price-to-earnings ratio of -228.50, a P/E/G ratio of 0.66 and a beta of 0.72.

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 the consensus estimate of $0.41 by ($0.05). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

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

Insider Activity

In other news, Director Steven P. Stanbrook acquired 12,400 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were bought at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This trade represents a 11.01% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael John Cramer purchased 4,000 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares of the company's stock, 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 acquired 24,685 shares of company stock worth $595,770 over the last three months. 58.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PRMB shares. Morgan Stanley cut their target price on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Barclays cut their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Finally, Royal Bank Of Canada dropped their price target on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock 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.