39,000 Shares in Primo Brands Corporation $PRMB Bought by J. Derek Lewis & Associates Inc.

J. Derek Lewis & Associates Inc. purchased a new stake in shares of Primo Brands Corporation (NYSE:PRMB) during the fourth quarter, HoldingsChannel reports. The fund purchased 39,000 shares of the company’s stock, valued at approximately $638,000.

Several other institutional investors have also bought and sold shares of the business. One Rock Capital Partners LLC purchased a new position in Primo Brands in the fourth quarter worth about $1,900,047,000. Viking Global Investors LP raised its position 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 valued at $580,615,000 after purchasing an additional 14,578,589 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in Primo Brands by 189.5% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock valued at $236,333,000 after purchasing an additional 9,461,990 shares during the period. Alliancebernstein L.P. lifted its stake 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 valued at $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its stake in shares of Primo Brands by 622.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company’s stock valued at $101,690,000 after purchasing an additional 5,358,687 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRMB. Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a report on Friday, March 27th. Mizuho increased their price target on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, March 5th. Royal Bank Of Canada set a $28.00 price target on Primo Brands in a research report on Thursday, April 9th. Barclays lifted their price objective on shares of Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Finally, Weiss Ratings upgraded shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.91.

Primo Brands Stock Performance

Primo Brands stock opened at $24.26 on Friday. 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 firm has a market capitalization of $8.80 billion, a P/E ratio of 173.26, a price-to-earnings-growth ratio of 2.09 and a beta of 0.72. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $30.98. The company’s 50-day moving average is $22.34 and its 200 day moving average is $19.84.

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

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was 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.