Third Point LLC Raises Stock Holdings in Primo Brands Corporation $PRMB

Key Points

• Third Point LLC has increased its stake in Primo Brands Corporation by 15.6%, owning approximately $98.49 million in shares, making it the firm's 29th largest position.
• Primo Brands is facing rating adjustments from analysts, with multiple target price reductions, now averaging $37.30, despite having a consensus rating of "Moderate Buy."
• The company recently disclosed a quarterly dividend of $0.10, representing an annual yield of 1.6%, amid a financial backdrop that includes a missed earnings estimate and a rising revenue trend.

Third Point LLC lifted its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 15.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,775,000 shares of the company's stock after acquiring an additional 375,000 shares during the quarter. Primo Brands accounts for about 1.5% of Third Point LLC's portfolio, making the stock its 29th largest position. Third Point LLC owned 0.74% of Primo Brands worth $98,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Signaturefd LLC raised its position in Primo Brands by 12.1% during the first quarter. Signaturefd LLC now owns 3,013 shares of the company's stock worth $107,000 after acquiring an additional 325 shares during the last quarter. GAMMA Investing LLC grew its position in Primo Brands by 34.5% in the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after purchasing an additional 498 shares during the last quarter. CWM LLC increased its stake in shares of Primo Brands by 20.5% during the first quarter. CWM LLC now owns 4,975 shares of the company's stock valued at $177,000 after acquiring an additional 847 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after buying an additional 902 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after acquiring an additional 906 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Price Performance

PRMB stock traded down $0.08 during midday trading on Wednesday, hitting $24.39. The company's stock had a trading volume of 3,781,929 shares, compared to its average volume of 5,248,130. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 12 month low of $21.60 and a 12 month high of $35.85. The company has a 50 day moving average of $26.69 and a two-hundred day moving average of $30.29. The firm has a market capitalization of $9.11 billion, a price-to-earnings ratio of -221.70, a price-to-earnings-growth ratio of 0.65 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.36 EPS 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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. The business's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company 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 -363.64%.

Insider Activity

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Morgan Stanley decreased their target price 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 target price on shares of Primo Brands in a research report on Friday, August 8th. Bank of America lowered their price objective 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. Barclays dropped their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, Royal Bank Of Canada cut their price objective on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

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.