Envestnet Asset Management Inc. Invests $3.93 Million in Primo Brands Co. (NYSE:PRMB)

Envestnet Asset Management Inc. purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 127,695 shares of the company's stock, valued at approximately $3,929,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Rise Advisors LLC bought a new stake in Primo Brands during the fourth quarter worth about $28,000. Fulton Bank N.A. bought a new stake in Primo Brands during the fourth quarter worth about $669,000. Green Alpha Advisors LLC bought a new stake in Primo Brands during the fourth quarter worth about $835,000. Procyon Advisors LLC bought a new stake in Primo Brands during the fourth quarter worth about $553,000. Finally, Nisa Investment Advisors LLC bought a new stake in Primo Brands during the fourth quarter worth about $176,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Up 1.8 %

PRMB traded up $0.59 during trading on Tuesday, hitting $32.54. The company's stock had a trading volume of 2,445,567 shares, compared to its average volume of 3,217,198. The stock has a 50 day moving average price of $33.12. The stock has a market cap of $12.37 billion, a price-to-earnings ratio of 39.18, a PEG ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion during 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%. Equities research analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This is a boost from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.23%.

Analyst Ratings Changes

Several research analysts have recently issued reports on PRMB shares. TD Securities started coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. JPMorgan Chase & Co. upped their target price 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. BMO Capital Markets started coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price on the stock. Truist Financial started coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their target price 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $41.50.

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.