Eminence Capital LP Buys 2,284,912 Shares of Primo Brands Corporation $PRMB

Key Points

• Eminence Capital LP significantly increased its position in Primo Brands Corporation by 48.3%, owning 7,019,075 shares, making it the company's third largest investment in its portfolio.
• Primo Brands reported earnings of $0.36 per share for the recent quarter, missing estimates and showing a 31.6% revenue increase compared to the same quarter last year.
• The company has declared a quarterly dividend of $0.10 per share, representing an annual yield of 1.6% with an ex-dividend date set for August 21st.

Eminence Capital LP increased its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 48.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,019,075 shares of the company's stock after purchasing an additional 2,284,912 shares during the period. Primo Brands accounts for 4.1% of Eminence Capital LP's investment portfolio, making the stock its 3rd biggest position. Eminence Capital LP owned about 1.86% of Primo Brands worth $249,107,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PRMB. Boston Partners grew its position in shares of Primo Brands by 9,613.2% in the first quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after purchasing an additional 7,044,263 shares during the period. Victory Capital Management Inc. purchased a new stake in shares of Primo Brands in the first quarter valued at $184,225,000. Vanguard Group Inc. grew its position in shares of Primo Brands by 28.7% in the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after purchasing an additional 4,389,327 shares during the period. Axiom Investors LLC DE purchased a new stake in shares of Primo Brands in the first quarter valued at $115,081,000. Finally, Nuveen Asset Management LLC purchased a new stake in shares of Primo Brands in the fourth quarter valued at $98,302,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Down 0.3%

Shares of PRMB traded down $0.07 during midday trading on Tuesday, reaching $24.49. 1,016,786 shares of the company were exchanged, compared to its average volume of 5,238,179. The stock has a 50-day moving average price of $26.91 and a 200-day moving average price of $30.37. The company has a market cap of $9.15 billion, a price-to-earnings ratio of -222.50, a P/E/G ratio of 0.67 and a beta of 0.76. Primo Brands Corporation has a 1-year low of $21.60 and a 1-year high of $35.85. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

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 analysts' consensus estimates 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 business'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 expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PRMB. Royal Bank Of Canada lowered their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Zacks Research downgraded Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Mizuho lowered their price target on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, August 20th. Finally, TD Securities lowered their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $37.30.

Insider Buying and Selling

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 acquired at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the purchase, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, 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 position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 24,685 shares of company stock worth $595,770. 58.40% of the stock is currently owned by corporate insiders.

Primo Brands 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.