Alliancebernstein L.P. Invests $5.09 Million in Primo Brands Co. (NYSE:PRMB)

Alliancebernstein L.P. bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 165,494 shares of the company's stock, valued at approximately $5,092,000.

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

Primo Brands Stock Performance

NYSE PRMB traded up $0.43 during trading on Friday, reaching $33.52. The company's stock had a trading volume of 2,758,108 shares, compared to its average volume of 3,235,751. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 39.87, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The business's fifty day moving average is $33.20. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

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

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%. This is an increase from Primo Brands's previous quarterly dividend of $0.09.

Analyst Ratings Changes

PRMB has been the subject of a number of research analyst reports. Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, January 6th. Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. raised their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Finally, BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $41.50.

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.