Clarkston Capital Partners LLC Sells 2,160,108 Shares of Primo Brands Corporation $PRMB

Clarkston Capital Partners LLC reduced its position in Primo Brands Corporation (NYSE:PRMB) by 62.1% during the first quarter, Holdings Channel.com reports. The firm owned 1,316,352 shares of the company’s stock after selling 2,160,108 shares during the quarter. Primo Brands accounts for approximately 1.9% of Clarkston Capital Partners LLC’s holdings, making the stock its 19th biggest position. Clarkston Capital Partners LLC’s holdings in Primo Brands were worth $24,787,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PRMB. One Rock Capital Partners LLC acquired a new position in Primo Brands during the fourth quarter worth $1,900,047,000. Viking Global Investors LP grew its holdings in shares of 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 buying an additional 14,578,589 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of 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 worth $236,333,000 after acquiring an additional 9,461,990 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Primo Brands by 2,486.6% during the second 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, Alyeska Investment Group L.P. raised its holdings 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 worth $101,690,000 after acquiring an additional 5,358,687 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Price Performance

Primo Brands stock opened at $22.74 on Friday. The stock has a market cap of $8.25 billion, a P/E ratio of 162.42, a P/E/G ratio of 2.04 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. The company’s 50 day moving average price is $24.04 and its two-hundred day moving average price is $21.24. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $29.02.

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

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, June 4th. Primo Brands’s payout ratio is presently 342.86%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, March 30th. JPMorgan Chase & Co. increased their price objective on Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Barclays lifted their target price on Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Weiss Ratings raised Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.36.

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.