Clarkston Capital Partners LLC Takes Position in Primo Brands Corporation $PRMB

Clarkston Capital Partners LLC acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,275,155 shares of the company’s stock, valued at approximately $50,281,000.

A number of other hedge funds have also bought and sold shares of the company. Viking Global Investors LP raised its stake in Primo Brands by 290.2% during the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after buying an additional 14,578,589 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Primo Brands by 11.6% during the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock worth $261,540,000 after acquiring an additional 1,231,701 shares during the period. Boston Partners raised its position in shares of Primo Brands by 13.7% in the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after acquiring an additional 971,939 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Primo Brands by 2,486.6% in the 2nd 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 in the last quarter. Finally, Third Point LLC lifted its stake in shares of Primo Brands by 108.1% in the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock valued at $171,056,000 after purchasing an additional 3,000,000 shares during the period. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

Shares of PRMB opened at $22.09 on Monday. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85. The company has a market cap of $8.03 billion, a PE ratio of 147.27, a P/E/G ratio of 1.65 and a beta of 0.61. The stock has a 50-day moving average of $18.98 and a 200-day moving average of $19.75. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78.

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

Primo Brands Increases Dividend

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

Primo Brands declared that its Board of Directors has initiated a share repurchase plan on Monday, November 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PRMB shares. Barclays raised their target price on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. TD Securities boosted their price target on Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Friday, February 27th. The Goldman Sachs Group cut their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, November 25th. JPMorgan Chase & Co. reduced their price objective on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 18th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 price objective on shares of Primo Brands in a research note on Friday, January 23rd. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.