Southpoint Capital Advisors LP Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Southpoint Capital Advisors LP purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,500,000 shares of the company's stock, valued at approximately $76,925,000. Primo Brands accounts for about 1.8% of Southpoint Capital Advisors LP's investment portfolio, making the stock its 26th biggest position. Southpoint Capital Advisors LP owned about 0.66% of Primo Brands as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PRMB. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands during the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $30,000. Blue Trust Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $33,000. R Squared Ltd acquired a new stake in Primo Brands in the 4th quarter valued at approximately $42,000. Finally, Federated Hermes Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $55,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Performance

NYSE:PRMB traded down $0.60 during trading hours on Thursday, hitting $31.30. 4,702,432 shares of the company's stock traded hands, compared to its average volume of 3,648,204. The stock has a market cap of $11.78 billion, a price-to-earnings ratio of -391.28, a P/E/G ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a fifty day moving average price of $33.03.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.05. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm's revenue was up 42.1% compared to the same quarter last year. On average, equities research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's payout ratio is currently -500.00%.

Insiders Place Their Bets

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 58.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PRMB. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Mizuho began coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price on the stock. Truist Financial assumed coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, TD Securities began coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $41.71.

Primo Brands 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.