Rubric Capital Management LP Sells 846,411 Shares of Primo Brands Corporation $PRMB

Rubric Capital Management LP trimmed its stake in Primo Brands Corporation (NYSE:PRMB) by 23.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,782,404 shares of the company’s stock after selling 846,411 shares during the period. Rubric Capital Management LP’s holdings in Primo Brands were worth $52,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PRMB. Xponance LLC raised its position in shares of Primo Brands by 4.2% during the fourth quarter. Xponance LLC now owns 13,114 shares of the company’s stock valued at $214,000 after buying an additional 528 shares during the last quarter. Picton Mahoney Asset Management grew its position in Primo Brands by 65.2% during the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after buying an additional 850 shares in the last quarter. Madison Asset Management LLC grew its position in Primo Brands by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock worth $2,362,000 after buying an additional 943 shares in the last quarter. US Bancorp DE increased its stake in Primo Brands by 47.2% during the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock valued at $65,000 after acquiring an additional 945 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Primo Brands by 102.4% during the second 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 period. Institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

PRMB has been the subject of several recent research reports. Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Barclays lifted their price objective on Primo Brands from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Tuesday, July 21st. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft cut their target price on Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, March 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $26.36.

Primo Brands Stock Performance

NYSE:PRMB opened at $22.82 on Tuesday. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $29.00. 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 firm has a market capitalization of $8.28 billion, a PE ratio of 162.99, a price-to-earnings-growth ratio of 1.92 and a beta of 0.73. The firm has a 50-day moving average price of $24.02 and a 200 day moving average price of $21.33.

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

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is 342.86%.

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.