Cinctive Capital Management LP Sells 179,834 Shares of Primo Brands Corporation $PRMB

Cinctive Capital Management LP cut its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 79.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,670 shares of the company’s stock after selling 179,834 shares during the period. Cinctive Capital Management LP’s holdings in Primo Brands were worth $1,009,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. iA Global Asset Management Inc. lifted its holdings in Primo Brands by 102.7% in the third quarter. iA Global Asset Management Inc. now owns 346,570 shares of the company’s stock valued at $7,659,000 after acquiring an additional 175,620 shares during the period. WINTON GROUP Ltd bought a new stake in shares of Primo Brands during the 2nd quarter valued at about $3,255,000. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Primo Brands by 249.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock valued at $1,719,000 after purchasing an additional 55,505 shares during the period. William Blair Investment Management LLC increased its position in shares of Primo Brands by 11.6% during the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after purchasing an additional 1,231,701 shares during the last quarter. Finally, Ceredex Value Advisors LLC bought a new position in shares of Primo Brands in the 2nd quarter worth approximately $41,154,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $20.13 on Tuesday. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 134.17, a PEG ratio of 1.51 and a beta of 0.61. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. The stock’s 50-day simple moving average is $19.53 and its 200-day simple moving average is $19.58. 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 earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the company earned $0.13 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, March 6th. Primo Brands’s payout ratio is presently 266.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Royal Bank Of Canada upped their target price on shares of Primo Brands to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. Finally, Mizuho boosted their price objective on shares of Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, March 5th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Primo Brands has an average rating of “Moderate Buy” and an average target price of $27.25.

Primo Brands 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.