South Street Advisors LLC Sells 161,997 Shares of Primo Brands Corporation $PRMB

South Street Advisors LLC trimmed its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 40.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 236,394 shares of the company’s stock after selling 161,997 shares during the quarter. South Street Advisors LLC’s holdings in Primo Brands were worth $3,865,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRMB. Geode Capital Management LLC grew its stake in Primo Brands by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 4,253,356 shares of the company’s stock valued at $69,558,000 after purchasing an additional 11,617 shares during the period. King Luther Capital Management Corp grew its position in shares of Primo Brands by 83.3% during the 4th quarter. King Luther Capital Management Corp now owns 314,096 shares of the company’s stock valued at $5,135,000 after acquiring an additional 142,695 shares during the period. Legal & General Group Plc grew its position in shares of Primo Brands by 0.4% during the 4th quarter. Legal & General Group Plc now owns 964,002 shares of the company’s stock valued at $15,761,000 after acquiring an additional 3,420 shares during the period. William Blair Investment Management LLC grew its position in shares of Primo Brands by 6.7% during the 4th quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock valued at $206,458,000 after acquiring an additional 793,036 shares during the period. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Primo Brands during the 4th quarter worth $229,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Price Performance

PRMB stock opened at $24.89 on Friday. The firm has a 50-day moving average of $20.70 and a 200 day moving average of $18.94. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. The company has a market cap of $9.03 billion, a P/E ratio of 177.79, a PEG ratio of 2.13 and a beta of 0.66. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $33.17.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the business earned $0.29 earnings per share. Primo Brands’s revenue was up .8% compared to the same quarter last year. On average, sell-side analysts forecast that Primo Brands Corporation will post 1.24 EPS for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Thursday, June 4th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. Primo Brands’s dividend payout ratio (DPR) is 342.86%.

Analyst Ratings Changes

Several brokerages have commented on PRMB. Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Friday, March 27th. Mizuho raised their price target on shares of Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, March 5th. Wall Street Zen raised shares of Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Barclays raised their price target on shares of Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a report on Monday, March 30th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.91.

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.