Southpoint Capital Advisors LP Takes $76.93 Million Position in Primo Brands Co. (NYSE:PRMB)

Southpoint Capital Advisors LP acquired a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,500,000 shares of the company’s stock, valued at approximately $76,925,000. Primo Brands makes up approximately 1.8% of Southpoint Capital Advisors LP’s portfolio, making the stock its 26th largest holding. Southpoint Capital Advisors LP owned 0.66% of Primo Brands at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. bought a new position in shares of Primo Brands in the 4th quarter valued at about $252,000. Allspring Global Investments Holdings LLC bought a new position in Primo Brands during the fourth quarter worth about $111,169,000. Sei Investments Co. bought a new position in Primo Brands during the fourth quarter worth about $10,548,000. Robeco Institutional Asset Management B.V. bought a new position in Primo Brands during the fourth quarter worth about $4,350,000. Finally, Principal Financial Group Inc. bought a new position in Primo Brands during the fourth quarter worth about $2,272,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 0.5%

Shares of NYSE:PRMB opened at $32.32 on Monday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The company has a market capitalization of $12.17 billion, a PE ratio of -404.00, a PEG ratio of 0.78 and a beta of 0.83. The stock’s 50 day moving average price is $33.01. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. The company’s quarterly revenue was up 42.1% on a year-over-year basis. Equities research analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be given a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. Primo Brands’s payout ratio is -500.00%.

Insider Activity

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 58.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on PRMB. JPMorgan Chase & Co. lifted their price target 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 began coverage on Primo Brands in a report on Friday, April 4th. They set a “buy” rating and a $42.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price target on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Mizuho began coverage on Primo Brands in a report on Monday, May 12th. They set an “outperform” rating and a $43.00 price target for the company. Finally, TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $41.71.

Primo Brands 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.