AlphaQuest LLC Purchases Shares of 8,090 Primo Brands Co. (NYSE:PRMB)

AlphaQuest LLC acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, Holdings Channel reports. The fund acquired 8,090 shares of the company’s stock, valued at approximately $249,000.

Other institutional investors also recently modified their holdings of the company. Green Alpha Advisors LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $835,000. Fulton Bank N.A. bought a new position in Primo Brands in the fourth quarter valued at $669,000. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands during the fourth quarter valued at about $111,169,000. Robeco Institutional Asset Management B.V. bought a new stake in Primo Brands during the fourth quarter worth about $4,350,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Primo Brands in the 4th quarter worth about $2,272,000. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PRMB shares. TD Securities boosted their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Royal Bank of Canada boosted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. BMO Capital Markets started coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft lifted 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. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $41.40.

Primo Brands Stock Up 2.6 %

NYSE:PRMB opened at $32.03 on Friday. The company has a market cap of $12.17 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.25. 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 firm’s fifty day moving average price is $32.58.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. The ex-dividend date is Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.25%.

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.