Corbyn Investment Management Inc. MD Raises Stock Position in Primo Brands Corporation $PRMB

Corbyn Investment Management Inc. MD lifted its position in shares of Primo Brands Corporation (NYSE:PRMB) by 8.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 391,646 shares of the company’s stock after buying an additional 28,893 shares during the period. Primo Brands makes up 1.9% of Corbyn Investment Management Inc. MD’s holdings, making the stock its 17th largest holding. Corbyn Investment Management Inc. MD’s holdings in Primo Brands were worth $6,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Byrne Asset Management LLC increased its stake in Primo Brands by 192.7% in the 4th quarter. Byrne Asset Management LLC now owns 6,220 shares of the company’s stock valued at $102,000 after purchasing an additional 4,095 shares in the last quarter. SG Americas Securities LLC boosted its position in Primo Brands by 159.2% during the fourth quarter. SG Americas Securities LLC now owns 29,166 shares of the company’s stock worth $477,000 after purchasing an additional 17,915 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its position in Primo Brands by 10.9% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 52,199 shares of the company’s stock worth $853,000 after purchasing an additional 5,132 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Primo Brands by 184.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 42,163 shares of the company’s stock valued at $679,000 after purchasing an additional 27,359 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Primo Brands by 76.2% in the fourth quarter. GAMMA Investing LLC now owns 3,540 shares of the company’s stock valued at $58,000 after purchasing an additional 1,531 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PRMB shares. TD Securities lifted their price target on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. 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 raised shares of Primo Brands from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 price target on shares of Primo Brands in a research report on Friday, January 23rd. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.25.

Primo Brands Stock Performance

Shares of PRMB opened at $17.90 on Friday. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $35.85. The company’s 50 day simple moving average is $19.72 and its 200 day simple moving average is $19.32. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 119.35, a PEG ratio of 1.34 and a beta of 0.61. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.78 and a current ratio of 0.95.

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

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Friday, March 6th were given a $0.12 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, March 6th. Primo Brands’s dividend payout ratio (DPR) is presently 266.67%.

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.