CenterBook Partners LP Invests $3.77 Million in Primo Brands Corporation $PRMB

CenterBook Partners LP acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 230,500 shares of the company’s stock, valued at approximately $3,769,000. CenterBook Partners LP owned about 0.06% of Primo Brands as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PRMB. Viking Global Investors LP lifted its holdings in shares of Primo Brands by 290.2% during the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after acquiring an additional 14,578,589 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Primo Brands by 2,486.6% during the 2nd 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 during the last quarter. Norges Bank bought a new stake in shares of Primo Brands during the 4th quarter worth $74,086,000. Holocene Advisors LP bought a new stake in shares of Primo Brands during the 3rd quarter worth $55,160,000. Finally, Clarkston Capital Partners LLC bought a new stake in shares of Primo Brands during the 3rd quarter worth $50,281,000. 87.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Weiss Ratings raised shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. TD Securities lifted their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Royal Bank Of Canada set a $28.00 price target on shares of Primo Brands in a research note on Thursday, April 9th. Finally, Jefferies Financial Group raised shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Friday, March 27th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and an average price target of $25.91.

Primo Brands Stock Performance

Primo Brands stock opened at $23.18 on Tuesday. 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 has a market capitalization of $8.41 billion, a PE ratio of 165.59, a P/E/G ratio of 1.98 and a beta of 0.72. The firm has a fifty day simple moving average of $21.42 and a two-hundred day simple moving average of $19.34. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $31.35.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.63 billion during 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 for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 earnings per share. Research analysts expect that Primo Brands Corporation will post 1.25 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Thursday, June 4th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands’s payout ratio is currently 342.86%.

Primo Brands Company 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.