102,375 Shares in Primo Brands Corporation $PRMB Purchased by Delta Global Management LP

Delta Global Management LP acquired a new stake in shares of Primo Brands Corporation (NYSE:PRMB) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 102,375 shares of the company’s stock, valued at approximately $2,262,000.

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

Wall Street Analyst Weigh In

PRMB has been the subject of a number of research analyst reports. The Goldman Sachs Group decreased their target price on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, November 25th. TD Securities increased their price target on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Mizuho lifted their price objective on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, March 5th. Barclays upped their price objective on shares of Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Finally, Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Nine equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.25.

Primo Brands Stock Performance

Shares of PRMB opened at $20.13 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. The firm has a market cap of $7.31 billion, a PE ratio of 134.17, a P/E/G 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 stock has a fifty day moving average price of $19.53 and a 200-day moving average price of $19.58.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the business earned $0.13 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal 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 paid a dividend of $0.12 per share. The ex-dividend date is Friday, March 6th. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Primo Brands’s payout ratio is presently 266.67%.

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.