Havemeyer Place LP Invests $1.61 Million in Primo Brands Corporation $PRMB

Havemeyer Place LP bought a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 98,734 shares of the company’s stock, valued at approximately $1,614,000.

Other institutional investors have also made changes to their positions in the company. Madison Asset Management LLC grew its stake in Primo Brands by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock valued at $2,362,000 after acquiring an additional 943 shares during the period. US Bancorp DE boosted its position in shares of Primo Brands by 47.2% during the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after buying an additional 945 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Primo Brands by 102.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after buying an additional 1,058 shares during the period. Caption Management LLC acquired a new position in shares of Primo Brands during the third quarter worth about $27,000. Finally, LRI Investments LLC boosted its position in shares of Primo Brands by 203.1% during the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after buying an additional 1,306 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on PRMB. Mizuho upped their price objective on Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, March 5th. Barclays upped their price objective on Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. reduced their price objective on Primo Brands from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, May 4th. Jefferies Financial Group raised Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Friday, March 27th. Finally, Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $25.91.

Primo Brands Trading Down 0.3%

Shares of NYSE:PRMB opened at $22.94 on Friday. The company has a market capitalization of $8.33 billion, a P/E ratio of 163.88, a P/E/G ratio of 1.98 and a beta of 0.72. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $31.49. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. The business’s 50 day simple moving average is $21.32 and its 200 day simple moving average is $19.26.

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

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Thursday, June 4th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is currently 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.