Boston Partners Boosts Holdings in Primo Brands Corporation (NYSE:PRMB)

Boston Partners boosted its position in shares of Primo Brands Corporation (NYSE:PRMB) by 9,613.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,117,540 shares of the company’s stock after acquiring an additional 7,044,263 shares during the period. Boston Partners owned 1.87% of Primo Brands worth $252,552,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PRMB. Victory Capital Management Inc. purchased a new stake in Primo Brands during the first quarter valued at approximately $184,225,000. Eminence Capital LP purchased a new stake in Primo Brands during the fourth quarter valued at approximately $145,670,000. Vanguard Group Inc. lifted its position in Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after acquiring an additional 4,389,327 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in Primo Brands during the fourth quarter valued at approximately $128,982,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Primo Brands during the fourth quarter valued at approximately $101,064,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Trading Up 1.1%

Shares of Primo Brands stock opened at $24.41 on Thursday. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The firm has a fifty day moving average price of $28.65 and a 200 day moving average price of $31.43. Primo Brands Corporation has a 1 year low of $21.54 and a 1 year high of $35.85. The stock has a market cap of $9.12 billion, a PE ratio of -221.91, a price-to-earnings-growth ratio of 0.57 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Primo Brands’s revenue was up 31.6% compared to the same quarter last year. Equities research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands’s dividend payout ratio (DPR) is -363.64%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PRMB shares. Barclays decreased their target price on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, June 16th. Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an “outperform” rating and a $43.00 price target for the company. Bank of America decreased their price target on shares of Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a report on Friday, July 11th. Morgan Stanley decreased their price target on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.60.

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.