CenterBook Partners LP Acquires Shares of 230,500 Primo Brands Corporation $PRMB

CenterBook Partners LP acquired a new stake in Primo Brands Corporation (NYSE:PRMB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 230,500 shares of the company’s stock, valued at approximately $3,769,000.

A number of other hedge funds have also recently modified their holdings of the company. Viking Global Investors LP increased its position in shares of Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after acquiring an additional 3,431,854 shares during the period. Vanguard Group Inc. increased its position in shares of Primo Brands by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock valued at $376,522,000 after acquiring an additional 1,053,185 shares during the period. William Blair Investment Management LLC increased its position in shares of Primo Brands by 6.7% in the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock valued at $206,458,000 after acquiring an additional 793,036 shares during the period. Alliancebernstein L.P. increased its position in shares of Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Primo Brands by 3.6% in the third quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company’s stock valued at $112,503,000 after acquiring an additional 177,929 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on PRMB shares. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a research report on Thursday, April 9th. TD Securities boosted their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Jefferies Financial Group upgraded shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Friday, March 27th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, March 30th. Finally, Barclays raised their price objective on shares of Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $25.91.

Primo Brands Stock Performance

Shares of PRMB opened at $23.18 on Tuesday. 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 Corporation has a one year low of $14.36 and a one year high of $31.35. The company has a 50-day simple moving average of $21.42 and a two-hundred day simple moving average of $19.34. The firm has a market capitalization of $8.41 billion, a PE ratio of 165.59, a price-to-earnings-growth ratio of 1.98 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the business earned $0.29 earnings per share. The business’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts anticipate that Primo Brands Corporation will post 1.25 EPS for the current fiscal year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders 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 yield of 2.1%. Primo Brands’s dividend payout ratio (DPR) is 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.