Primo Brands Corporation $PRMB Stock Position Raised by Southpoint Capital Advisors LP

Key Points

• Southpoint Capital Advisors LP increased its stake in Primo Brands Corporation by 40% during Q1, now holding 3.5 million shares, which constitutes 2.9% of its investment portfolio.
• Director Michael Cramer and CEO Robbert Rietbroek both bought shares of Primo Brands recently, increasing their positions by 45.65% and 1.43%, respectively.
• Primo Brands reported $0.36 earnings per share for the last quarter, falling short of the analyst consensus of $0.41, with revenues totaling $1.73 billion.

Southpoint Capital Advisors LP grew its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 40.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,500,000 shares of the company's stock after buying an additional 1,000,000 shares during the period. Primo Brands accounts for approximately 2.9% of Southpoint Capital Advisors LP's holdings, making the stock its 16th biggest holding. Southpoint Capital Advisors LP owned approximately 0.93% of Primo Brands worth $124,215,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Maverick Capital Ltd. purchased a new stake in shares of Primo Brands during the 1st quarter valued at $68,853,000. Ghisallo Capital Management LLC purchased a new stake in Primo Brands during the 1st quarter worth $72,478,000. Sculptor Capital LP purchased a new stake in Primo Brands during the 1st quarter worth $10,931,000. Aperture Investors LLC purchased a new stake in Primo Brands during the 1st quarter worth $16,067,000. Finally, Driehaus Capital Management LLC purchased a new stake in Primo Brands during the 1st quarter worth $18,047,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PRMB shares. Morgan Stanley decreased their price target on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. TD Securities decreased their price target on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Barclays cut their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Finally, Mizuho dropped their price objective on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 20th. 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $37.30.

Insider Buying and Selling

In other Primo Brands news, CEO Robbert Rietbroek bought 8,285 shares of Primo Brands stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael John Cramer bought 4,000 shares of Primo Brands stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director directly owned 12,762 shares of the company's stock, valued at $312,158.52. This represents a 45.65% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 24,685 shares of company stock worth $595,770. Corporate insiders own 58.40% of the company's stock.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.11 on Friday, hitting $25.22. The company had a trading volume of 4,442,434 shares, compared to its average volume of 5,522,635. The company has a market cap of $9.42 billion, a PE ratio of -229.31, a PEG ratio of 0.67 and a beta of 0.76. Primo Brands Corporation has a 52 week low of $21.60 and a 52 week 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. The business has a 50-day simple moving average of $27.01 and a 200-day simple moving average of $30.45.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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 business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business'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. Research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued 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 was Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is presently -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.