Primo Brands Corporation $PRMB Shares Newly Purchased by Artemis Investment Management LLP

Key Points

• Artemis Investment Management initiated a 640,367-share stake in Primo Brands worth approximately $12.2 million, while institutional investors collectively own 87.71% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $28.45; ten analysts rate the stock Buy versus four Holds.
• Primo Brands exceeded quarterly expectations, reporting $0.37 in EPS and $1.80 billion in revenue, while declaring a $0.12 quarterly dividend equivalent to a 2.5% annual yield.

Artemis Investment Management LLP bought a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 640,367 shares of the company's stock, valued at approximately $12,199,000. Artemis Investment Management LLP owned 0.18% of Primo Brands as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. One Rock Capital Partners LLC bought a new position in Primo Brands in the 4th quarter valued at about $1,900,047,000. Deprince Race & Zollo Inc. raised its position in shares of Primo Brands by 442.2% during the 1st quarter. Deprince Race & Zollo Inc. now owns 3,833,041 shares of the company's stock worth $72,176,000 after buying an additional 3,126,083 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Primo Brands by 57.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,050,888 shares of the company's stock worth $133,050,000 after acquiring an additional 2,585,164 shares during the period. Clearline Capital LP lifted its stake in shares of Primo Brands by 2,871.7% in the 4th quarter. Clearline Capital LP now owns 2,494,348 shares of the company's stock worth $40,783,000 after acquiring an additional 2,410,410 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Primo Brands by 41.7% in the first quarter. Bank of America Corp DE now owns 6,067,351 shares of the company's stock valued at $114,248,000 after acquiring an additional 1,785,259 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Primo Brands in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $25.00 price objective on shares of Primo Brands in a report on Thursday, August 6th. TD raised their target price on Primo Brands from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Royal Bank Of Canada lifted their target price on Primo Brands from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Finally, Barclays boosted their price target on shares of Primo Brands from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $28.45.

Insider Transactions at Primo Brands

In other news, CEO Eric Foss acquired 84,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $23.80 per share, for a total transaction of $1,999,200.00. Following the completion of the acquisition, the chief executive officer owned 573,806 shares in the company, valued at approximately $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 32.90% of the stock is currently owned by insiders.

Primo Brands Stock Up 1.7%

Shares of Primo Brands stock opened at $19.33 on Friday. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $26.21. The firm has a market capitalization of $7.01 billion, a PE ratio of 74.36, a price-to-earnings-growth ratio of 1.31 and a beta of 0.71. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.71. The stock's fifty day moving average is $21.79 and its 200-day moving average is $22.18.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.05. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 earnings per share. Equities analysts anticipate that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were given a $0.12 dividend. The ex-dividend date was Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Primo Brands's dividend payout ratio is presently 184.62%.

About Primo Brands

Primo Brands Corporation is a beverage company focused on hydration products and water services. Its offerings include purified, spring and mineral water; enhanced and sparkling water; water dispensers; filtration products; and bottled-water delivery services for homes, businesses and other organizations.

The company markets a broad portfolio of regional and national brands, including Primo, Poland Spring, Deer Park, Arrowhead, Ice Mountain, Ozarka, Pure Life and Splash. Its business combines packaged beverages sold through retail and other distribution channels with direct-to-consumer delivery and water solutions supported by dispensers and filtration systems.

Primo Brands was formed through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.

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