Seven Grand Managers LLC Acquires Shares of 1,000,000 Primo Brands Corporation $PRMB

Key Points

• Seven Grand Managers LLC acquired a new stake in Primo Brands Corporation, purchasing 1,000,000 shares valued at approximately $35.49 million, making it the fund's third largest holding.
• Primo Brands recently announced a quarterly dividend of $0.10 per share, representing a 1.6% dividend yield and a negative payout ratio of -363.64%.
• The company reported earnings of $0.36 EPS for the last quarter, which was below expectations, while revenue was $1.73 billion, also falling short of analyst forecasts.

Seven Grand Managers LLC purchased a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,000,000 shares of the company's stock, valued at approximately $35,490,000. Primo Brands makes up approximately 8.3% of Seven Grand Managers LLC's portfolio, making the stock its 3rd biggest position. Seven Grand Managers LLC owned 0.26% of Primo Brands at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Sei Investments Co. raised its position in shares of Primo Brands by 8.7% during the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company's stock worth $13,228,000 after purchasing an additional 29,939 shares during the last quarter. Lord Abbett & CO. LLC raised its position in shares of Primo Brands by 22.8% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,251,670 shares of the company's stock worth $44,422,000 after purchasing an additional 232,331 shares during the last quarter. Boston Partners raised its position in shares of Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after purchasing an additional 7,044,263 shares during the last quarter. Informed Momentum Co LLC acquired a new position in shares of Primo Brands during the 1st quarter worth approximately $4,385,000. Finally, HighTower Advisors LLC raised its position in shares of Primo Brands by 28.7% during the 1st quarter. HighTower Advisors LLC now owns 8,846 shares of the company's stock worth $314,000 after purchasing an additional 1,974 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Trading Up 0.3%

Shares of PRMB stock traded up $0.0850 on Wednesday, reaching $24.9050. 1,700,443 shares of the stock were exchanged, compared to its average volume of 5,265,453. The stock has a market cap of $9.30 billion, a P/E ratio of -226.00, a price-to-earnings-growth ratio of 0.59 and a beta of 0.72. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm has a 50 day moving average of $28.21 and a two-hundred day moving average of $31.20. Primo Brands Corporation has a 1-year low of $21.54 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.83 billion. The firm's revenue for the quarter was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, research 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 will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands's dividend payout ratio is -363.64%.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research reports. Morgan Stanley cut their price objective on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. Mizuho began coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Royal Bank Of Canada cut their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Bank of America cut their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.60.

Insider Buying and Selling

In other news, CEO Robbert Rietbroek acquired 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, with a total value of $199,834.20. Following the transaction, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the transaction, the director owned 125,025 shares in the company, valued at $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. In the last three months, insiders acquired 24,685 shares of company stock valued at $595,770. Company insiders own 58.40% of the company's stock.

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.