Havemeyer Place LP Buys New Position in Primo Brands Corporation $PRMB

Havemeyer Place LP purchased a new stake in Primo Brands Corporation (NYSE:PRMB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 98,734 shares of the company’s stock, valued at approximately $1,614,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Viking Global Investors LP lifted its stake in Primo Brands by 17.5% in the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock worth $509,051,000 after acquiring an additional 3,431,854 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after purchasing an additional 1,053,185 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of Primo Brands by 6.7% in 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 in the last quarter. Alliancebernstein L.P. raised its stake in shares of Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Primo Brands by 3.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company’s stock valued at $112,503,000 after acquiring an additional 177,929 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on PRMB shares. Barclays raised their target price on Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, May 11th. TD Securities lifted their price objective on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Deutsche Bank Aktiengesellschaft decreased their price objective on Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a report on Monday, March 30th. Royal Bank Of Canada set a $28.00 price objective on Primo Brands in a report on Thursday, April 9th. Finally, Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Primo Brands presently has an average rating of “Moderate Buy” and a consensus target price of $25.91.

Primo Brands Price Performance

Shares of PRMB stock opened at $22.94 on Friday. The stock’s fifty day simple moving average is $21.32 and its 200 day simple moving average is $19.26. 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 firm has a market cap of $8.33 billion, a price-to-earnings ratio of 163.88, a P/E/G ratio of 1.98 and a beta of 0.72. Primo Brands Corporation has a one year low of $14.36 and a one year high of $31.49.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) 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 business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the firm posted $0.29 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, analysts expect that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Thursday, June 4th will be given a $0.12 dividend. The ex-dividend date is Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands’s payout ratio is presently 342.86%.

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.