Primo Brands Corporation $PRMB Position Boosted 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 raised its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 401.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,656,312 shares of the company's stock after buying an additional 3,728,344 shares during the period. Primo Brands comprises 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.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRMB. IFP Advisors Inc purchased a new stake in shares of Primo Brands during the first quarter worth about $40,000. Versant Capital Management Inc increased its stake in shares of Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Primo Brands in the 1st quarter valued at $43,000. Parallel Advisors LLC lifted its holdings in Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new position in Primo Brands in the 1st quarter valued at $54,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Transactions at Primo Brands

In other news, Director Steven P. Stanbrook purchased 12,400 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were acquired 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 directly owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robbert Rietbroek purchased 8,285 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were purchased 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 of the company's stock, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 24,685 shares of company stock worth $595,770 over the last ninety days. 58.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on PRMB shares. Barclays cut their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Morgan Stanley cut their price objective 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. Bank of America dropped their price target 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. Mizuho dropped their price target 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, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a research note on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Primo Brands presently has an average rating of "Moderate Buy" and a consensus target price of $36.18.

Primo Brands Stock Down 0.4%

Shares of Primo Brands stock traded down $0.09 during trading on Thursday, hitting $24.33. 3,780,319 shares of the stock were exchanged, compared to its average volume of 5,239,647. The stock has a market cap of $9.09 billion, a price-to-earnings ratio of -221.18, a price-to-earnings-growth ratio of 0.65 and a beta of 0.76. The firm's 50-day moving average price is $26.69 and its 200 day moving average price is $30.29. Primo Brands Corporation has a 12-month low of $21.60 and a 12-month high of $35.85. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.36 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 analyst estimates of $1.83 billion. 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 forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders 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 dividend on an annualized basis and a yield of 1.6%. Primo Brands's payout ratio is currently -363.64%.

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.