Primo Brands Corporation $PRMB Shares Purchased by Samlyn Capital LLC

Key Points

• Samlyn Capital LLC significantly increased its stake in Primo Brands Corporation by 401.8%, acquiring an additional 3,728,344 shares to own 4,656,312 shares, making it the firm's 10th largest holding.
• Primo Brands reported earnings of $0.36 per share for the last quarter, missing estimates, while revenue was $1.73 billion, which is a 31.6% increase year-over-year.
• The company recently declared a quarterly dividend of $0.10 per share, translating to a yield of 1.6%, despite a negative dividend payout ratio of -363.64%.

Samlyn Capital LLC boosted its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 401.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,656,312 shares of the company's stock after buying an additional 3,728,344 shares during the period. Primo Brands makes up about 2.4% of Samlyn Capital LLC's investment portfolio, making the stock its 10th biggest position. Samlyn Capital LLC owned approximately 1.24% of Primo Brands worth $165,253,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. IFP Advisors Inc acquired a new position in Primo Brands in the first quarter valued at approximately $40,000. Versant Capital Management Inc lifted its holdings in Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after buying an additional 906 shares during the period. New Age Alpha Advisors LLC acquired a new position in Primo Brands in the first quarter valued at approximately $43,000. Parallel Advisors LLC lifted its holdings in Primo Brands by 225.5% in the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after buying an additional 902 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in Primo Brands in the first quarter valued at approximately $54,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRMB has been the subject of several recent analyst reports. Zacks Research downgraded shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Morgan Stanley lowered their target price on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. TD Securities lowered their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Mizuho lowered their target price on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, August 20th. Finally, Bank of America lowered their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.30.

Primo Brands Stock Down 0.3%

Shares of PRMB stock traded down $0.08 during trading hours on Tuesday, hitting $24.47. 4,060,308 shares of the company were exchanged, compared to its average volume of 4,875,496. The business has a 50 day moving average of $26.81 and a two-hundred day moving average of $30.33. 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 Corporation has a 52 week low of $21.60 and a 52 week high of $35.85. The company has a market capitalization of $9.14 billion, a PE ratio of -222.49, a PEG ratio of 0.65 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands's revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal 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. 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 is currently -363.64%.

Insider Buying and Selling

In other Primo Brands news, Director Michael John Cramer bought 4,000 shares of Primo Brands stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares of the company's stock, valued at $312,158.52. This trade represents a 45.65% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business'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 of the company's stock, valued at approximately $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by insiders.

About Primo Brands

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.