First Trust Advisors LP Invests $53.72 Million in Primo Brands Co. (NYSE:PRMB)

First Trust Advisors LP acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,745,918 shares of the company's stock, valued at approximately $53,722,000. First Trust Advisors LP owned about 0.46% of Primo Brands at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Green Alpha Advisors LLC bought a new stake in Primo Brands in the fourth quarter worth $835,000. PNC Financial Services Group Inc. purchased a new stake in Primo Brands during the 4th quarter valued at about $252,000. Fulton Bank N.A. bought a new position in Primo Brands during the 4th quarter worth approximately $669,000. Allspring Global Investments Holdings LLC bought a new position in Primo Brands during the 4th quarter worth approximately $111,169,000. Finally, Sei Investments Co. purchased a new position in Primo Brands in the 4th quarter worth approximately $10,548,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

Shares of PRMB traded down $0.59 on Monday, reaching $31.93. The stock had a trading volume of 631,842 shares, compared to its average volume of 3,206,847. The firm has a market capitalization of $12.14 billion, a price-to-earnings ratio of 39.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company's 50-day moving average price is $33.14. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. 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 (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). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This is an increase from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PRMB. Truist Financial assumed 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. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. JPMorgan Chase & Co. boosted 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 initiated coverage on Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective for the company. Finally, Royal Bank of Canada boosted their target price on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $41.50.

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.