State of New Jersey Common Pension Fund D Raises Holdings in Primo Brands Corporation $PRMB

Key Points

• State of New Jersey Common Pension Fund D increased its Primo Brands stake by 59.2% in the fourth quarter, adding 51,651 shares to bring its total to 138,883 shares valued at about $2.27 million.
• Primo Brands reported quarterly earnings of $0.23 per share, missing estimates by $0.01, while revenue came in at $1.63 billion, slightly above expectations and up 0.8% year over year.
• The company also announced a quarterly dividend of $0.12 per share, and analysts currently have a consensus rating of Moderate Buy with an average target price of $25.82.

State of New Jersey Common Pension Fund D lifted its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 59.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,883 shares of the company's stock after buying an additional 51,651 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Primo Brands were worth $2,271,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Pictet Asset Management Holding SA grew its position in shares of Primo Brands by 9.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 37,616 shares of the company's stock worth $615,000 after buying an additional 3,323 shares in the last quarter. Inscription Capital LLC bought a new position in shares of Primo Brands during the 4th quarter worth $304,000. Vanguard Group Inc. grew its position in shares of Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company's stock worth $376,522,000 after buying an additional 1,053,185 shares in the last quarter. HB Wealth Management LLC bought a new stake in shares of Primo Brands in the 4th quarter valued at about $412,000. Finally, Caliber Wealth Management LLC KS purchased a new stake in shares of Primo Brands in the 4th quarter worth approximately $164,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Trading Up 4.3%

PRMB opened at $23.20 on Friday. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 165.72, a PEG ratio of 1.78 and a beta of 0.66. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $33.29. The stock has a fifty day moving average price of $20.14 and a 200-day moving average price of $18.72.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a return on equity of 13.79% and a net margin of 0.88%.The company's revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share. As a group, equities research analysts anticipate that Primo Brands Corporation will post 1.28 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, June 4th. Primo Brands's payout ratio is presently 342.86%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PRMB shares. Mizuho increased their price objective on shares of Primo Brands from $24.00 to $28.00 and gave the company an "outperform" rating in a research note on Thursday, March 5th. Barclays cut their price objective on shares of Primo Brands from $27.00 to $24.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a report on Thursday, April 9th. JPMorgan Chase & Co. cut their price objective on shares of Primo Brands from $27.00 to $26.00 and set an "overweight" rating on the stock in a report on Monday, May 4th. Finally, Zacks Research raised Primo Brands from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $25.82.

About Primo Brands

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

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