Moore Capital Management LP Purchases New Stake in Primo Brands Co. (NYSE:PRMB)

Moore Capital Management LP bought a new position in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,734,690 shares of the company’s stock, valued at approximately $53,376,000. Primo Brands makes up 0.6% of Moore Capital Management LP’s investment portfolio, making the stock its 23rd biggest holding.

A number of other institutional investors also recently bought and sold shares of the company. Green Alpha Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter valued at $835,000. Procyon Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth about $553,000. Nisa Investment Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth about $176,000. Dynamic Advisor Solutions LLC purchased a new position in Primo Brands in the fourth quarter valued at about $1,887,000. Finally, Drive Wealth Management LLC purchased a new position in Primo Brands in the fourth quarter valued at about $241,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PRMB. JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price target on the stock. TD Securities initiated coverage on Primo Brands in a research note on Tuesday, April 8th. They set a “buy” rating and a $48.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $41.50.

Primo Brands Stock Performance

Primo Brands stock opened at $31.95 on Monday. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $12.15 billion, a price-to-earnings ratio of 39.82, a PEG ratio of 0.78 and a beta of 0.83. The business has a 50-day simple moving average of $32.95.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Primo Brands’s revenue was up 42.1% compared to the same quarter last year. Research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, June 6th.

Primo Brands Company Profile

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.