Third Point LLC Has $98.49 Million 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 raised its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 15.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,775,000 shares of the company's stock after buying an additional 375,000 shares during the quarter. Primo Brands accounts for approximately 1.5% of Third Point LLC's holdings, making the stock its 29th biggest holding. Third Point LLC owned approximately 0.74% of Primo Brands worth $98,485,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRMB. Vanguard Group Inc. boosted its position in shares of Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after acquiring an additional 4,389,327 shares in the last quarter. Boston Partners boosted its holdings in Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after purchasing an additional 7,044,263 shares in the last quarter. Eminence Capital LP grew its stake in shares of Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock valued at $249,107,000 after purchasing an additional 2,284,912 shares during the period. Victory Capital Management Inc. acquired a new position in shares of Primo Brands in the 1st quarter worth approximately $184,225,000. Finally, Samlyn Capital LLC lifted its position in shares of Primo Brands by 401.8% during the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company's stock worth $165,253,000 after buying an additional 3,728,344 shares during the period. Institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

PRMB has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Barclays dropped their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Bank of America reduced their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. The Goldman Sachs Group initiated coverage on shares of Primo Brands in a report on Thursday. They set a "neutral" rating and a $25.00 price objective for the company. Finally, Zacks Research downgraded Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Primo Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.18.

Insider Activity

In other news, Director Steven P. Stanbrook bought 12,400 shares of the stock in a transaction dated Tuesday, August 12th. The stock was bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This represents a 11.01% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael John Cramer bought 4,000 shares of the stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 24,685 shares of company stock valued at $595,770. Company insiders own 58.40% of the company's stock.

Primo Brands Price Performance

Shares of PRMB traded down $0.28 during mid-day trading on Friday, hitting $24.05. 1,474,121 shares of the company traded hands, compared to its average volume of 5,216,257. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The stock has a market capitalization of $8.98 billion, a price-to-earnings ratio of -218.46, a PEG ratio of 0.65 and a beta of 0.76. The business has a 50-day moving average of $26.58 and a 200 day moving average of $30.21. Primo Brands Corporation has a one year low of $21.60 and a one year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.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. As a group, equities analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is -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.