Northwest & Ethical Investments L.P. Takes Position in Primo Brands Co. (NYSE:PRMB)

Northwest & Ethical Investments L.P. acquired a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,582 shares of the company’s stock, valued at approximately $326,000.

Several other large investors also recently modified their holdings of PRMB. William Blair Investment Management LLC bought a new position in shares of Primo Brands in the fourth quarter valued at about $343,451,000. Allspring Global Investments Holdings LLC bought a new position in Primo Brands during the fourth quarter worth about $111,169,000. KBC Group NV bought a new position in Primo Brands during the fourth quarter worth about $49,585,000. Bank of New York Mellon Corp bought a new position in Primo Brands during the fourth quarter worth about $40,563,000. Finally, Charles Schwab Investment Management Inc. bought a new position in Primo Brands during the fourth quarter worth about $36,995,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 0.1 %

PRMB opened at $32.43 on Friday. The firm has a 50 day moving average of $32.68. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.25. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $12.33 billion, a P/E ratio of 38.89, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share 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 analyst estimates of $1.58 billion. On average, equities analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

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

Analyst Upgrades and Downgrades

PRMB has been the topic of a number of recent research reports. TD Securities raised their price target on shares of 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 raised their price target 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. JPMorgan Chase & Co. increased their price objective 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, BMO Capital Markets assumed coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands presently has an average rating of “Buy” and an average target price of $41.40.

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.