King Luther Capital Management Corp Buys 75,022 Shares of Primo Brands Corporation $PRMB

King Luther Capital Management Corp increased its position in Primo Brands Corporation (NYSE:PRMB) by 77.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 171,401 shares of the company’s stock after buying an additional 75,022 shares during the quarter. King Luther Capital Management Corp’s holdings in Primo Brands were worth $3,788,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Viking Global Investors LP boosted its position in shares of Primo Brands by 290.2% in the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after purchasing an additional 14,578,589 shares during the period. Boston Partners lifted its stake in shares of Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after buying an additional 971,939 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after buying an additional 5,640,287 shares during the period. Third Point LLC increased its stake in Primo Brands by 108.1% in the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after buying an additional 3,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Primo Brands by 32.7% during the second quarter. Ameriprise Financial Inc. now owns 4,912,684 shares of the company’s stock valued at $145,514,000 after acquiring an additional 1,210,773 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 0.3%

Shares of PRMB opened at $18.75 on Friday. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -60.49, a price-to-earnings-growth ratio of 0.63 and a beta of 0.63. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $35.85. The business’s 50 day simple moving average is $17.95 and its 200-day simple moving average is $20.04. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86.

Primo Brands announced that its board has authorized a share repurchase program on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Primo Brands’s payout ratio is currently -129.03%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PRMB. Barclays dropped their price objective on Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. The Goldman Sachs Group dropped their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. JPMorgan Chase & Co. lowered their target price on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Finally, Zacks Research cut shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.83.

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.