Clarkston Capital Partners LLC Makes New $50.28 Million Investment in Primo Brands Corporation $PRMB

Clarkston Capital Partners LLC bought a new position in Primo Brands Corporation (NYSE:PRMB) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,275,155 shares of the company’s stock, valued at approximately $50,281,000. Clarkston Capital Partners LLC owned about 0.61% of Primo Brands at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dynamic Advisor Solutions LLC increased its position in Primo Brands by 1.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock worth $1,040,000 after purchasing an additional 567 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Primo Brands in the second quarter valued at approximately $26,000. US Bancorp DE grew its stake in shares of Primo Brands by 47.2% during the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after buying an additional 945 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Primo Brands by 102.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after buying an additional 1,058 shares during the last quarter. Finally, Phoenix Financial Ltd. increased its holdings in shares of Primo Brands by 14.6% during the third quarter. Phoenix Financial Ltd. now owns 10,151 shares of the company’s stock worth $224,000 after buying an additional 1,292 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Performance

Shares of Primo Brands stock opened at $22.09 on Monday. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 147.27, a P/E/G ratio of 1.65 and a beta of 0.61. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $35.85. The company’s fifty day moving average is $18.98 and its 200 day moving average is $19.75. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company earned $0.13 EPS. Primo Brands’s revenue for the quarter was up 11.2% compared to the same quarter last year. Sell-side analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands announced that its board has authorized a share repurchase plan on Monday, November 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 0.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, March 6th. Primo Brands’s dividend payout ratio is 266.67%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PRMB shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Barclays upped their target price on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Morgan Stanley reiterated an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. JPMorgan Chase & Co. reduced their price target on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Finally, TD Securities upped their price objective on Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Primo Brands has an average rating of “Moderate Buy” and an average target price of $27.25.

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.