AXQ Capital LP Takes $1.84 Million Position in Primo Brands Corporation $PRMB

AXQ Capital LP bought a new stake in shares of Primo Brands Corporation (NYSE:PRMB) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 112,362 shares of the company’s stock, valued at approximately $1,837,000.

Several other hedge funds have also recently made changes to their positions in PRMB. Viking Global Investors LP increased its position in shares of Primo Brands by 290.2% during the second 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 period. Alliancebernstein L.P. increased its holdings in Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after buying an additional 5,640,287 shares during the period. Norges Bank purchased a new position in Primo Brands during the fourth quarter valued at approximately $74,086,000. Holocene Advisors LP purchased a new position in Primo Brands during the third quarter valued at approximately $55,160,000. Finally, Clarkston Capital Partners LLC purchased a new position in Primo Brands during the third quarter valued at approximately $50,281,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PRMB shares. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a report on Thursday, April 9th. Barclays lifted their price objective on shares of Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, May 11th. JPMorgan Chase & Co. cut their price objective on shares of Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Weiss Ratings raised shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Jefferies Financial Group raised shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Friday, March 27th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.91.

Primo Brands Price Performance

Shares of PRMB opened at $24.52 on Tuesday. The company has a market cap of $8.90 billion, a price-to-earnings ratio of 175.11, a price-to-earnings-growth ratio of 2.13 and a beta of 0.72. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $33.04. 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 50 day moving average of $20.90 and a two-hundred day moving average of $19.07.

Primo Brands (NYSE:PRMB) last announced its 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 firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. Primo Brands’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the business earned $0.29 earnings per share. As a group, analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced 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. This represents a $0.48 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is 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.