Neumeier Poma Investment Counsel LLC Buys Shares of 875,785 Primo Brands Corporation $PRMB

Neumeier Poma Investment Counsel LLC purchased a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the second quarter, HoldingsChannel reports. The fund purchased 875,785 shares of the company’s stock, valued at approximately $21,404,185,000.

Several other hedge funds also recently made changes to their positions in PRMB. Caption Management LLC acquired a new position in Primo Brands during the third quarter worth $27,000. LRI Investments LLC increased its stake in Primo Brands by 203.1% in the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock valued at $32,000 after buying an additional 1,306 shares during the last quarter. Picton Mahoney Asset Management increased its stake in Primo Brands by 65.2% in the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock valued at $35,000 after buying an additional 850 shares during the last quarter. Harbor Investment Advisory LLC bought a new stake in Primo Brands during the 2nd quarter worth about $37,000. Finally, EverSource Wealth Advisors LLC lifted its position in Primo Brands by 76.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company’s stock worth $37,000 after buying an additional 853 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Insider Transactions at Primo Brands

In other Primo Brands news, CEO Eric J. Foss acquired 84,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,806 shares in the company, valued at approximately $13,656,582.80. This represents a 17.15% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 32.90% of the stock is owned by corporate insiders.

Primo Brands Stock Up 0.1%

Primo Brands stock opened at $23.15 on Monday. The firm has a market capitalization of $8.39 billion, a PE ratio of 89.04, a P/E/G ratio of 1.59 and a beta of 0.74. The company’s 50-day moving average is $24.00 and its 200-day moving average is $22.00. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $26.21. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86.

Primo Brands (NYSE:PRMB) last issued its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the business posted $0.36 EPS. Primo Brands’s revenue was up 3.8% on a year-over-year basis. Sell-side analysts anticipate that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a $0.12 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands’s dividend payout ratio is currently 184.62%.

Analyst Ratings Changes

PRMB has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Primo Brands in a report on Friday, August 7th. Morgan Stanley reiterated an “overweight” rating and set a $29.00 target price on shares of Primo Brands in a report on Friday, August 7th. TD increased their price target on Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Royal Bank Of Canada raised their price target on Primo Brands from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $25.00 price objective on shares of Primo Brands in a research note on Thursday, August 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $28.25.

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.