Catalyst Funds Management Pty Ltd Makes New Investment in Primo Brands Corporation $PRMB

Catalyst Funds Management Pty Ltd bought a new position in shares of Primo Brands Corporation (NYSE:PRMB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 40,290 shares of the company’s stock, valued at approximately $1,193,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRMB. Procyon Advisors LLC increased its holdings in shares of Primo Brands by 2.3% in the second quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock valued at $545,000 after buying an additional 411 shares in the last quarter. Fulton Bank N.A. lifted its position in Primo Brands by 3.1% in the 2nd quarter. Fulton Bank N.A. now owns 24,833 shares of the company’s stock worth $736,000 after buying an additional 737 shares in the last quarter. CWM LLC boosted its position in Primo Brands by 20.5% during the first quarter. CWM LLC now owns 4,975 shares of the company’s stock valued at $177,000 after purchasing an additional 847 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Primo Brands during the 2nd quarter valued at about $26,000. Finally, Corbyn Investment Management Inc. MD lifted its stake in Primo Brands by 0.3% in the first quarter. Corbyn Investment Management Inc. MD now owns 367,933 shares of the company’s stock valued at $13,058,000 after acquiring an additional 1,058 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. The Goldman Sachs Group began coverage on Primo Brands in a research note on Thursday, September 11th. They set a “neutral” rating and a $25.00 price target for the company. Zacks Research lowered shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Jefferies Financial Group assumed coverage on shares of Primo Brands in a research note on Friday, October 17th. They issued a “hold” rating and a $23.00 target price on the stock. Finally, Royal Bank Of Canada dropped their price objective on Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Primo Brands Trading Down 1.9%

Shares of PRMB opened at $15.24 on Thursday. The firm has a market capitalization of $5.64 billion, a PE ratio of -138.55, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85. The stock’s fifty day simple moving average is $21.00 and its 200-day simple moving average is $26.02.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. The company’s quarterly revenue was up 35.3% on a year-over-year basis. As a group, research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a yield of 2.6%. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Primo Brands announced that its board has approved a stock repurchase plan on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Primo Brands news, Director Steven P. Stanbrook purchased 54,540 shares of the stock in a transaction on Thursday, November 13th. The stock was bought at an average cost of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the acquisition, the director directly owned 181,601 shares of the company’s stock, valued at $2,983,704.43. The trade was a 42.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David W. Hass bought 15,910 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average cost of $15.71 per share, with a total value of $249,946.10. Following the completion of the purchase, the chief financial officer owned 64,745 shares in the company, valued at $1,017,143.95. This represents a 32.58% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 203,469 shares of company stock worth $3,214,674 in the last ninety days. Company insiders own 58.40% of the company’s stock.

About Primo Brands

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.