Cinctive Capital Management LP Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Cinctive Capital Management LP purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 446,057 shares of the company’s stock, valued at approximately $13,725,000. Primo Brands makes up 0.7% of Cinctive Capital Management LP’s investment portfolio, making the stock its 26th biggest holding.

Several other institutional investors also recently bought and sold shares of the business. Rise Advisors LLC acquired a new stake in shares of Primo Brands in the 4th quarter worth $28,000. SRS Capital Advisors Inc. acquired a new stake in Primo Brands in the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter worth $30,000. Blue Trust Inc. purchased a new position in shares of Primo Brands during the fourth quarter worth $33,000. Finally, R Squared Ltd acquired a new position in Primo Brands during the fourth quarter valued at $42,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. TD Securities boosted their price objective on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. Royal Bank of Canada lifted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. JPMorgan Chase & Co. upped their target price on 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 target price on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, BMO Capital Markets assumed coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $41.40.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $35.22 on Wednesday. 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 50 day moving average price is $32.99. The firm has a market capitalization of $13.39 billion, a PE ratio of 41.51, a P/E/G ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB) last announced its earnings results 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. As a group, research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.14%. The ex-dividend date was Friday, March 7th. This is a boost from Primo Brands’s previous quarterly dividend of $0.09.

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.