Primo Brands Corporation $PRMB Stock Holdings Lifted by Eminence Capital LP

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 raised its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 48.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 7,019,075 shares of the company's stock after purchasing an additional 2,284,912 shares during the quarter. Primo Brands accounts for about 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 filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. raised its stake in shares of Primo Brands by 87.0% in the first quarter. Alyeska Investment Group L.P. now owns 1,904,001 shares of the company's stock worth $67,573,000 after acquiring an additional 885,765 shares during the last quarter. Southpoint Capital Advisors LP boosted its holdings in shares of Primo Brands by 40.0% in the first quarter. Southpoint Capital Advisors LP now owns 3,500,000 shares of the company's stock valued at $124,215,000 after buying an additional 1,000,000 shares during the period. Maverick Capital Ltd. acquired a new position in Primo Brands during the first quarter worth $68,853,000. Ghisallo Capital Management LLC acquired a new position in Primo Brands during the first quarter worth $72,478,000. Finally, Sculptor Capital LP acquired a new stake in Primo Brands in the first quarter valued at $10,931,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Price Performance

PRMB traded down $0.68 on Monday, reaching $24.56. The company had a trading volume of 5,503,426 shares, compared to its average volume of 5,263,744. The business has a 50 day simple moving average of $27.01 and a 200 day simple moving average of $30.43. The company has a market cap of $9.17 billion, a price-to-earnings ratio of -223.28, a P/E/G ratio of 0.67 and a beta of 0.76. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Michael John Cramer bought 4,000 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven P. Stanbrook bought 12,400 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the purchase, the director owned 125,025 shares of the company's stock, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 24,685 shares of company stock valued at $595,770. 58.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PRMB shares. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Morgan Stanley reduced their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Barclays dropped their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Bank of America lowered their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

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.