Fort Point Capital Partners LLC Sells 57,961 Shares of Primo Brands Corporation $PRMB

Fort Point Capital Partners LLC lowered its stake in Primo Brands Corporation (NYSE:PRMB) by 50.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 57,961 shares of the company’s stock after selling 57,961 shares during the period. Fort Point Capital Partners LLC’s holdings in Primo Brands were worth $948,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Heartland Advisors Inc. lifted its stake in shares of Primo Brands by 96.1% in the 4th quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock valued at $7,801,000 after purchasing an additional 233,803 shares during the period. Deprince Race & Zollo Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at $11,559,000. William Blair Investment Management LLC lifted its stake in shares of Primo Brands by 11.6% in 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 period. JPMorgan Chase & Co. lifted its stake in shares of Primo Brands by 25.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,698,550 shares of the company’s stock valued at $81,739,000 after purchasing an additional 751,250 shares during the period. Finally, Clarkston Capital Partners LLC acquired a new position in shares of Primo Brands in the 3rd quarter valued at $50,281,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PRMB shares. Deutsche Bank Aktiengesellschaft cut their price target on Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a research note on Monday, March 30th. TD Securities raised their price objective on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. JPMorgan Chase & Co. dropped their price objective on Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, May 4th. Royal Bank Of Canada set a $28.00 price objective on Primo Brands in a research note on Thursday, April 9th. Finally, Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $25.91.

Primo Brands Stock Performance

PRMB opened at $24.06 on Friday. The business’s 50-day moving average price is $21.81 and its two-hundred day moving average price is $19.54. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $30.98. The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of 171.87, a P/E/G ratio of 2.08 and a beta of 0.72. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results 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). The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 EPS. Equities analysts expect that Primo Brands Corporation will post 1.25 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be issued a $0.12 dividend. The ex-dividend date is Thursday, June 4th. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. Primo Brands’s dividend payout ratio (DPR) 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.