South Street Advisors LLC Has $3.87 Million Stock Position in Primo Brands Corporation $PRMB

South Street Advisors LLC decreased its position in shares of Primo Brands Corporation (NYSE:PRMB) by 40.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 236,394 shares of the company’s stock after selling 161,997 shares during the period. South Street Advisors LLC owned 0.06% of Primo Brands worth $3,865,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Viking Global Investors LP lifted its position 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 purchasing an additional 14,578,589 shares during the last quarter. Alliancebernstein L.P. increased its position 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 valued at $173,784,000 after acquiring an additional 5,640,287 shares in the last quarter. Holocene Advisors LP acquired a new stake in Primo Brands in the 3rd quarter valued at about $55,160,000. Clarkston Capital Partners LLC acquired a new stake in Primo Brands in the 3rd quarter valued at about $50,281,000. Finally, Man Group plc increased its position in Primo Brands by 294.2% in the 3rd quarter. Man Group plc now owns 2,948,565 shares of the company’s stock valued at $65,163,000 after acquiring an additional 2,200,615 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their target price on Primo Brands from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, May 4th. Barclays boosted 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. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a report on Thursday, April 9th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and an average target price of $25.91.

Primo Brands Stock Up 1.5%

NYSE:PRMB opened at $24.89 on Friday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98. The company has a market cap of $9.03 billion, a PE ratio of 177.79, a PEG ratio of 2.13 and a beta of 0.66. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $33.17. The stock has a 50-day simple moving average of $20.70 and a 200 day simple moving average of $18.94.

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 analysts’ consensus estimates of $0.24 by ($0.01). The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. On average, sell-side analysts expect that Primo Brands Corporation will post 1.24 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Thursday, June 4th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, June 4th. Primo Brands’s dividend payout ratio is currently 342.86%.

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.