Primo Brands Corporation $PRMB Shares Purchased by Tidal Investments LLC

Key Points

• Tidal Investments increased its Primo Brands stake by 226.7% in the second quarter, bringing its holdings to 1.15 million shares worth approximately $28.1 million. Institutional investors collectively own 87.71% of the company.
• CEO Eric Foss purchased 84,000 shares for roughly $2.0 million, increasing his direct ownership by 17.15%; insiders now own 32.90% of the stock.
• Primo Brands beat quarterly expectations with earnings of $0.37 per share and revenue of $1.80 billion, while analysts maintain a “Moderate Buy” consensus and an average price target of $28.25. Shares opened at $20.90, down 4.5%.

Tidal Investments LLC increased its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 226.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,150,675 shares of the company's stock after acquiring an additional 798,488 shares during the period. Tidal Investments LLC owned approximately 0.32% of Primo Brands worth $28,122,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. WINTON GROUP Ltd increased its position in shares of Primo Brands by 32.0% during the 2nd quarter. WINTON GROUP Ltd now owns 163,916 shares of the company's stock worth $4,006,000 after purchasing an additional 39,711 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Primo Brands in the 2nd quarter valued at approximately $1,063,000. Integrated Wealth Concepts LLC purchased a new stake in Primo Brands in the second quarter valued at approximately $180,000. IFP Advisors Inc lifted its stake in Primo Brands by 64.4% during the second quarter. IFP Advisors Inc now owns 3,069 shares of the company's stock worth $75,000 after purchasing an additional 1,202 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in Primo Brands by 62.0% during the second quarter. Squarepoint Ops LLC now owns 761,563 shares of the company's stock worth $18,613,000 after purchasing an additional 291,412 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Buying and Selling

In other news, CEO Eric Foss purchased 84,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,806 shares of the company's stock, valued at approximately $13,656,582.80. This trade represents a 17.15% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 32.90% of the company's stock.

Primo Brands Trading Down 4.5%

NYSE:PRMB opened at $20.90 on Thursday. 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 company has a market capitalization of $7.57 billion, a PE ratio of 80.40, a P/E/G ratio of 1.51 and a beta of 0.73. The stock's 50 day moving average price is $23.49 and its 200 day moving average price is $22.31. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $26.21.

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

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Monday, August 24th. Primo Brands's payout ratio is currently 184.62%.

Analyst Upgrades and Downgrades

PRMB has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $25.00 price objective on shares of Primo Brands in a report on Thursday, August 6th. Barclays boosted their price objective on Primo Brands from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Wall Street Zen raised Primo Brands from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Weiss Ratings restated a "hold (c)" rating on shares of Primo Brands in a research note on Friday, August 7th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $29.00 price target on shares of Primo Brands in a research note on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Primo Brands has an average rating of "Moderate Buy" and a consensus target price of $28.25.

About Primo Brands

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

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