Levin Capital Strategies L.P. Buys New Shares in Primo Brands Co. (NYSE:PRMB)

Levin Capital Strategies L.P. bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, Holdings Channel reports. The firm bought 1,129,770 shares of the company’s stock, valued at approximately $34,763,000. Primo Brands accounts for approximately 3.3% of Levin Capital Strategies L.P.’s holdings, making the stock its 4th biggest position.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new stake in Primo Brands during the fourth quarter valued at about $111,169,000. KBC Group NV bought a new stake in Primo Brands during the fourth quarter valued at about $49,585,000. Bank of New York Mellon Corp bought a new stake in Primo Brands during the fourth quarter valued at about $40,563,000. New York State Common Retirement Fund bought a new stake in Primo Brands during the fourth quarter valued at about $26,385,000. Finally, Pinnbrook Capital Management LP bought a new stake in Primo Brands during the fourth quarter valued at about $8,901,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $33.70 on Friday. The stock’s 50 day moving average is $32.41. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 1-year low of $16.09 and a 1-year high of $35.25. The company has a market capitalization of $12.78 billion, a PE ratio of 40.77, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share 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 company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, equities research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal 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 paid a dividend of $0.10 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.19%. The ex-dividend date is Friday, March 7th.

Wall Street Analysts Forecast Growth

PRMB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. Royal Bank of Canada lifted their target price on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft lifted their target price on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday. Finally, TD Securities lifted their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands has an average rating of “Buy” and an average target price of $41.40.

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.