Public Employees Retirement System of Ohio Makes New Investment in Primo Brands Corporation $PRMB

Key Points

• The Public Employees Retirement System of Ohio acquired 79,711 shares of Primo Brands Corporation, valued at approximately $2.36 million, during the second quarter.
• Primo Brands reported a 31.6% increase in quarterly revenue year-over-year but missed earnings expectations by $0.05 with earnings per share of $0.36.
• Analysts have set a consensus price target for Primo Brands at $36.18, with the majority rating it as a "Moderate Buy".

Public Employees Retirement System of Ohio acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 79,711 shares of the company's stock, valued at approximately $2,361,000.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Primo Brands by 28.7% in the 1st 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. Boston Partners raised its stake in shares of Primo Brands by 9,613.2% in the 1st 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. Eminence Capital LP raised its stake in shares of Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock valued at $249,107,000 after purchasing an additional 2,284,912 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Primo Brands in the 1st quarter valued at about $184,225,000. Finally, Samlyn Capital LLC grew its holdings in shares of Primo Brands by 401.8% in the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company's stock valued at $165,253,000 after acquiring an additional 3,728,344 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of Primo Brands stock opened at $22.03 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The business has a 50-day moving average price of $24.53 and a two-hundred day moving average price of $29.19. Primo Brands Corporation has a 1-year low of $21.56 and a 1-year high of $35.85. The company has a market cap of $8.23 billion, a P/E ratio of -200.23, a PEG ratio of 0.58 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly 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 business 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% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's dividend payout ratio is -363.64%.

Analysts Set New Price Targets

A number of equities analysts recently commented on PRMB shares. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. The Goldman Sachs Group started coverage on Primo Brands in a research note on Thursday, September 11th. They issued a "neutral" rating and a $25.00 price target for the company. Royal Bank Of Canada cut their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Morgan Stanley lowered their price target on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Finally, Mizuho decreased their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.18.

Insider Activity at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek purchased 8,285 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, with a total value of $199,834.20. Following the transaction, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven P. Stanbrook acquired 12,400 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director owned 125,025 shares in the company, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 24,685 shares of company stock valued at $595,770. 58.40% of the stock is owned by corporate insiders.

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.

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