KBC Group NV Invests $49.59 Million in Primo Brands Co. (NYSE:PRMB)

KBC Group NV acquired a new stake in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 1,611,484 shares of the company’s stock, valued at approximately $49,585,000.

Several other large investors also recently modified their holdings of PRMB. Drive Wealth Management LLC bought a new stake in Primo Brands during the fourth quarter valued at $241,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at about $1,887,000. Nisa Investment Advisors LLC acquired a new stake in Primo Brands during the fourth quarter worth approximately $176,000. Procyon Advisors LLC bought a new stake in Primo Brands in the fourth quarter worth approximately $553,000. Finally, Green Alpha Advisors LLC bought a new stake in Primo Brands in the fourth quarter worth approximately $835,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Down 0.2 %

PRMB stock opened at $32.66 on Tuesday. The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 0.81 and a beta of 1.09. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a twelve month low of $14.10 and a twelve month high of $33.65. The firm has a 50 day moving average of $30.71.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were given a $0.09 dividend. The ex-dividend date was Friday, November 22nd. This represents a $0.36 annualized dividend and a yield of 1.10%. Primo Brands’s dividend payout ratio is currently 27.95%.

Analyst Ratings Changes

A number of research firms recently issued reports on PRMB. BMO Capital Markets began coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 target price for the company. Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, TD Securities raised their price objective on Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Monday.

About Primo Brands

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.