309,148 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Swiss National Bank

Swiss National Bank purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 309,148 shares of the company’s stock, valued at approximately $9,512,000. Swiss National Bank owned 0.08% of Primo Brands at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands during the 4th quarter worth $111,169,000. KBC Group NV purchased a new position in Primo Brands during the 4th quarter worth $49,585,000. Bank of New York Mellon Corp purchased a new position in Primo Brands during the 4th quarter worth $40,563,000. Charles Schwab Investment Management Inc. purchased a new position in Primo Brands during the 4th quarter worth $36,995,000. Finally, Levin Capital Strategies L.P. purchased a new position in Primo Brands during the 4th quarter worth $34,763,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Up 0.1 %

Shares of PRMB opened at $32.43 on Friday. The company has a 50-day moving average of $32.68. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock has a market cap of $12.33 billion, a P/E ratio of 38.89, a PEG 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.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. On average, research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.10 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Friday, March 7th.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PRMB shares. Royal Bank of Canada upped their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. BMO Capital Markets started coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. Finally, TD Securities increased their price target on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $41.40.

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.