Aristotle Capital Boston LLC Buys New Stake in Primo Brands Corporation $PRMB

Aristotle Capital Boston LLC purchased a new stake in Primo Brands Corporation (NYSE:PRMB) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 78,325 shares of the company’s stock, valued at approximately $1,731,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRMB. Viking Global Investors LP lifted its holdings in shares of Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after buying an additional 14,578,589 shares during the period. Alliancebernstein L.P. grew its holdings in Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after acquiring an additional 5,640,287 shares during the period. Norges Bank purchased a new position in Primo Brands during the second quarter valued at approximately $105,008,000. Third Point LLC raised its position in Primo Brands by 108.1% during the second quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock valued at $171,056,000 after acquiring an additional 3,000,000 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in Primo Brands by 20,485.9% in the second quarter. Squarepoint Ops LLC now owns 2,768,181 shares of the company’s stock valued at $81,994,000 after acquiring an additional 2,754,734 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Performance

Shares of NYSE:PRMB opened at $20.75 on Monday. The business’s 50 day moving average price is $19.46 and its 200-day moving average price is $19.62. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. The firm has a market capitalization of $7.54 billion, a PE ratio of 138.35, a P/E/G ratio of 1.51 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the firm posted $0.13 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, March 6th. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio (DPR) is currently 266.67%.

Wall Street Analyst Weigh In

Several research firms have commented on PRMB. The Goldman Sachs Group lowered their price objective on Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 25th. TD Securities upped their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Barclays lifted their price target on Primo Brands from $21.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Finally, JPMorgan Chase & Co. lowered their price target on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 18th. Nine equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.25.

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.