Clarkston Capital Partners LLC Sells 2,160,108 Shares of Primo Brands Corporation $PRMB

Clarkston Capital Partners LLC reduced its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 62.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,316,352 shares of the company’s stock after selling 2,160,108 shares during the period. Primo Brands accounts for approximately 1.9% of Clarkston Capital Partners LLC’s investment portfolio, making the stock its 19th biggest position. Clarkston Capital Partners LLC owned approximately 0.36% of Primo Brands worth $24,787,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sei Investments Co. grew its position in shares of Primo Brands by 69.1% in the 1st quarter. Sei Investments Co. now owns 1,090,509 shares of the company’s stock valued at $20,534,000 after buying an additional 445,636 shares during the last quarter. Levin Capital Strategies L.P. raised its position in shares of Primo Brands by 32.2% during the first quarter. Levin Capital Strategies L.P. now owns 31,893 shares of the company’s stock worth $601,000 after acquiring an additional 7,763 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Primo Brands by 51.4% in the first quarter. PNC Financial Services Group Inc. now owns 7,853 shares of the company’s stock worth $148,000 after acquiring an additional 2,667 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Primo Brands by 5.0% in the first quarter. Dimensional Fund Advisors LP now owns 154,258 shares of the company’s stock valued at $2,905,000 after acquiring an additional 7,320 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Primo Brands by 57.2% during the 1st quarter. Parallel Advisors LLC now owns 5,396 shares of the company’s stock valued at $102,000 after purchasing an additional 1,964 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRMB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Jefferies Financial Group upgraded shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Friday, March 27th. Weiss Ratings raised shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Barclays increased their price target on Primo Brands from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective 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. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $26.36.

Primo Brands Stock Performance

NYSE:PRMB opened at $22.74 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $29.02. The company has a fifty day moving average of $24.04 and a 200-day moving average of $21.24. The firm has a market capitalization of $8.25 billion, a P/E ratio of 162.42, a P/E/G ratio of 2.04 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last issued its 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 company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The firm’s revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. As a group, sell-side analysts anticipate that Primo Brands Corporation will post 1.25 EPS for the current year.

Primo Brands Dividend Announcement

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

Primo Brands Company 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.