Fort Point Capital Partners LLC Reduces Stock Position in Primo Brands Corporation $PRMB

Fort Point Capital Partners LLC lessened its stake in Primo Brands Corporation (NYSE:PRMB) by 41.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 115,922 shares of the company’s stock after selling 81,934 shares during the quarter. Fort Point Capital Partners LLC’s holdings in Primo Brands were worth $2,562,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Primo Brands in the 2nd quarter worth $26,000. Caption Management LLC purchased a new position in shares of Primo Brands during the 3rd quarter worth $27,000. EverSource Wealth Advisors LLC boosted its position in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after acquiring an additional 1,058 shares during the last quarter. Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the 3rd quarter valued at about $47,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Primo Brands in the third quarter valued at about $54,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Down 0.5%

Shares of NYSE:PRMB opened at $20.75 on Monday. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of 138.35, a PEG ratio of 1.51 and a beta of 0.61. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85. The business has a 50-day moving average price of $19.46 and a 200 day moving average price of $19.62. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70.

Primo Brands (NYSE:PRMB) last posted 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 for the quarter, compared to analysts’ expectations of $1.52 billion. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. Primo Brands’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 earnings per share. Sell-side analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be issued a $0.12 dividend. The ex-dividend date is Friday, March 6th. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio (DPR) is currently 266.67%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRMB. Royal Bank Of Canada raised their price objective on shares of Primo Brands to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 target price on shares of Primo Brands in a report on Friday, January 23rd. Barclays increased their price target on shares of Primo Brands from $21.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. JPMorgan Chase & Co. cut their price target on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.