Holocene Advisors LP Takes $55.16 Million Position in Primo Brands Corporation $PRMB

Holocene Advisors LP purchased a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the 3rd quarter, Holdings Channel reports. The fund purchased 2,495,912 shares of the company’s stock, valued at approximately $55,160,000.

Other large investors have also modified their holdings of the company. Dynamic Advisor Solutions LLC lifted its position in Primo Brands by 1.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock valued at $1,040,000 after purchasing an additional 567 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Primo Brands in the 2nd quarter worth about $26,000. US Bancorp DE grew its position in Primo Brands by 47.2% in the 3rd quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after purchasing an additional 945 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after purchasing an additional 1,058 shares during the period. Finally, Caption Management LLC bought a new stake in shares of Primo Brands during the third quarter valued at approximately $27,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Trading Down 3.1%

Shares of NYSE:PRMB opened at $20.13 on Tuesday. The company has a 50 day moving average of $19.53 and a 200-day moving average of $19.58. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. The firm has a market cap of $7.31 billion, a P/E ratio of 134.17, a P/E/G ratio of 1.51 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.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the business earned $0.13 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share 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. Stockholders of record on Friday, March 6th will be given a dividend of $0.12 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, March 6th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Primo Brands’s payout ratio is 266.67%.

Analysts Set New Price Targets

PRMB has been the subject of several analyst reports. Zacks Research upgraded Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. Barclays boosted their price target on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Finally, Royal Bank Of Canada raised their price target on Primo Brands to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. Nine 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.