Magnetar Financial LLC Decreases Stake in Primo Brands Corporation $PRMB

Magnetar Financial LLC cut its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 16.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 261,417 shares of the company’s stock after selling 52,956 shares during the period. Magnetar Financial LLC owned about 0.07% of Primo Brands worth $5,777,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Viking Global Investors LP lifted its stake in shares of Primo Brands by 290.2% in the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after acquiring an additional 14,578,589 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Norges Bank purchased a new stake in Primo Brands during the 2nd quarter worth approximately $105,008,000. Third Point LLC raised its position in shares of Primo Brands by 108.1% in the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock valued at $171,056,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of Primo Brands by 20,485.9% in the 2nd quarter. Squarepoint Ops LLC now owns 2,768,181 shares of the company’s stock valued at $81,994,000 after purchasing an additional 2,754,734 shares in the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Trading Down 1.8%

NYSE:PRMB opened at $21.00 on Thursday. The company has a market cap of $7.63 billion, a PE ratio of 140.01, a P/E/G ratio of 1.55 and a beta of 0.61. The business’s 50 day moving average is $19.28 and its two-hundred day moving average is $19.71. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the business earned $0.13 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. On average, analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.3%. Primo Brands’s payout ratio is presently 266.67%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Barclays raised their price target on shares of Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Royal Bank Of Canada upped their price target on shares of Primo Brands to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. 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. The Goldman Sachs Group decreased their price objective on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, November 25th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.25.

Primo Brands Company Profile

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.