1,576,253 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Northern Trust Corp

Northern Trust Corp bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,576,253 shares of the company's stock, valued at approximately $48,501,000. Northern Trust Corp owned approximately 0.42% of Primo Brands at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth approximately $30,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands in the 4th quarter valued at $30,000. Blue Trust Inc. acquired a new position in Primo Brands in the fourth quarter worth $33,000. R Squared Ltd acquired a new position in Primo Brands in the fourth quarter worth $42,000. Finally, Federated Hermes Inc. bought a new stake in shares of Primo Brands during the fourth quarter worth $55,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on PRMB shares. 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 report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Finally, Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 target price for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $41.50.

Primo Brands Trading Down 1.1 %

Shares of NYSE:PRMB traded down $0.37 during midday trading on Friday, hitting $31.95. The company had a trading volume of 22,232,506 shares, compared to its average volume of 3,428,178. 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 company has a market cap of $12.15 billion, a PE ratio of 39.82, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The business has a fifty day moving average of $32.95. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Primo Brands's revenue was up 42.1% compared to the same quarter last year. Equities analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date of this dividend is Friday, June 6th.

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.