2,495,912 Shares in Primo Brands Corporation $PRMB Bought by Holocene Advisors LP

Holocene Advisors LP purchased a new stake in Primo Brands Corporation (NYSE:PRMB) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,495,912 shares of the company’s stock, valued at approximately $55,160,000. Holocene Advisors LP owned approximately 0.67% of Primo Brands at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PRMB. Viking Global Investors LP increased its position in shares of Primo Brands by 17.5% in the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock worth $509,051,000 after purchasing an additional 3,431,854 shares during the last quarter. William Blair Investment Management LLC lifted its position in shares of Primo Brands by 11.6% during the third quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock worth $261,540,000 after purchasing an additional 1,231,701 shares during the last quarter. Alliancebernstein L.P. grew its stake in Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares in the last quarter. Third Point LLC grew its stake in Primo Brands by 108.1% in the second quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Primo Brands by 3.6% in the third quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company’s stock valued at $112,503,000 after buying an additional 177,929 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $20.13 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. The firm’s 50-day moving average price is $19.53 and its two-hundred day moving average price is $19.58. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The stock has a market capitalization 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 (NYSE:PRMB) last issued its earnings results on Thursday, February 26th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.Primo Brands’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. As a group, sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, March 6th. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s payout ratio is presently 266.67%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Mizuho upped their price objective on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, March 5th. Morgan Stanley reiterated an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Royal Bank Of Canada upped their price target on Primo Brands to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. TD Securities raised their price objective on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands has an average rating of “Moderate Buy” and a consensus price target 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.