Maverick Capital Ltd. Increases Stock Position in Primo Brands Corporation $PRMB

Maverick Capital Ltd. boosted its position in Primo Brands Corporation (NYSE:PRMB) by 409.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 224,525 shares of the company’s stock after acquiring an additional 180,442 shares during the period. Maverick Capital Ltd.’s holdings in Primo Brands were worth $4,228,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Heartland Advisors Inc. boosted its holdings in shares of Primo Brands by 96.1% during the fourth quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock worth $7,801,000 after purchasing an additional 233,803 shares during the period. One Rock Capital Partners LLC bought a new stake in shares of Primo Brands in the fourth quarter worth about $1,900,047,000. Deprince Race & Zollo Inc. purchased a new position in Primo Brands during the 4th quarter valued at about $11,559,000. KBC Group NV increased its holdings in Primo Brands by 12.5% during the 4th quarter. KBC Group NV now owns 3,380,056 shares of the company’s stock valued at $55,264,000 after purchasing an additional 376,855 shares during the period. Finally, Aberdeen Group plc bought a new position in Primo Brands during the 4th quarter valued at approximately $12,015,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 0.5%

NYSE:PRMB opened at $22.82 on Tuesday. 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’s 50-day moving average price is $24.02 and its 200-day moving average price is $21.33. The company has a market capitalization of $8.28 billion, a PE ratio of 162.99, a P/E/G ratio of 1.92 and a beta of 0.73. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $29.00.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the business earned $0.29 earnings per share. The company’s revenue was up .8% on a year-over-year basis. On average, equities analysts predict that Primo Brands Corporation will post 1.25 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.1%. Primo Brands’s dividend payout ratio (DPR) is currently 342.86%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PRMB shares. JPMorgan Chase & Co. increased their price objective on Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Barclays boosted their target price on Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft decreased their target price on Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a report on Monday, March 30th. Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Royal Bank Of Canada set a $28.00 price target on shares of Primo Brands in a report on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.36.

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.