Moore Capital Management LP Takes Position in Primo Brands Co. (NYSE:PRMB)

Moore Capital Management LP purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,734,690 shares of the company’s stock, valued at approximately $53,376,000. Primo Brands makes up about 0.6% of Moore Capital Management LP’s investment portfolio, making the stock its 23rd largest holding. Moore Capital Management LP owned 0.46% of Primo Brands as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SRS Capital Advisors Inc. purchased a new position in Primo Brands in the fourth quarter worth $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands during the 4th quarter valued at $30,000. Blue Trust Inc. bought a new stake in Primo Brands in the 4th quarter worth $33,000. R Squared Ltd bought a new stake in Primo Brands in the 4th quarter worth $42,000. Finally, Federated Hermes Inc. bought a new stake in shares of Primo Brands during the 4th quarter valued at about $55,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Down 1.1%

Shares of PRMB stock opened at $31.95 on Monday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The business’s fifty day simple moving average is $32.95. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The firm has a market capitalization of $12.15 billion, a P/E ratio of 39.82, a PEG ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company’s revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

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

Analyst Ratings Changes

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

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.