Fort Point Capital Partners LLC Cuts Position in Primo Brands Corporation $PRMB

Fort Point Capital Partners LLC reduced its position in shares of Primo Brands Corporation (NYSE:PRMB) by 41.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 115,922 shares of the company’s stock after selling 81,934 shares during the period. Fort Point Capital Partners LLC’s holdings in Primo Brands were worth $2,562,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Viking Global Investors LP grew its stake 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 buying an additional 3,431,854 shares in the last quarter. William Blair Investment Management LLC lifted its stake 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 in the last quarter. Alliancebernstein L.P. boosted its holdings in Primo Brands by 2,486.6% during the 2nd 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. Third Point LLC boosted its holdings in Primo Brands by 108.1% during the 2nd 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 during the period. Finally, Ameriprise Financial Inc. grew its position in Primo Brands by 3.6% in the 3rd 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 in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $20.75 on Monday. 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 company has a market cap of $7.54 billion, a price-to-earnings ratio of 138.35, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61. The stock’s 50-day moving average is $19.46 and its two-hundred day moving average is $19.62. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data 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. 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 analysts’ expectations of $1.52 billion. During the same quarter last year, the business posted $0.13 EPS. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be paid a $0.12 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, March 6th. Primo Brands’s payout ratio is presently 266.67%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, December 18th. BMO Capital Markets reissued an “outperform” rating and issued a $35.00 price objective on shares of Primo Brands in a research note on Friday, January 23rd. Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Mizuho upped their target price on shares of Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, March 5th. Finally, The Goldman Sachs Group reduced their target price on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, November 25th. Nine equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands currently has an average rating of “Moderate Buy” and a consensus target price of $27.25.

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.