Brown Brothers Harriman & Co. Takes Position in Primo Brands Co. (NYSE:PRMB)

Brown Brothers Harriman & Co. purchased a new position in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 55,966 shares of the company’s stock, valued at approximately $1,722,000.

Several other institutional investors have also made changes to their positions in PRMB. Vanguard Group Inc. purchased a new stake in Primo Brands in the 4th quarter worth approximately $471,249,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands in the fourth quarter worth $343,451,000. JPMorgan Chase & Co. purchased a new stake in shares of Primo Brands during the fourth quarter worth $122,757,000. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands during the fourth quarter valued at $111,169,000. Finally, KBC Group NV purchased a new position in Primo Brands in the fourth quarter valued at about $49,585,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Primo Brands Stock Up 2.5 %

Shares of Primo Brands stock opened at $35.30 on Friday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.39. 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 stock’s 50 day moving average is $32.88. The company has a market capitalization of $13.42 billion, a PE ratio of 41.51, a P/E/G ratio of 0.78 and a beta of 1.10.

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

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were given a $0.10 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, March 7th.

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.