LPL Financial LLC Invests $550,000 in Primo Brands Co. (NYSE:PRMB)

LPL Financial LLC bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 17,880 shares of the company's stock, valued at approximately $550,000.

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

Primo Brands Price Performance

NYSE PRMB traded up $0.05 during trading on Wednesday, hitting $32.60. The company's stock had a trading volume of 2,231,276 shares, compared to its average volume of 3,208,697. The company has a market capitalization of $12.39 billion, a P/E ratio of 39.18, a PEG ratio of 0.78 and a beta of 0.82. 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 Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The firm's 50 day moving average is $33.12.

Primo Brands (NYSE:PRMB - Get Free Report) last released 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). The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.23%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Analyst Ratings Changes

Several brokerages have commented on PRMB. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Truist Financial initiated coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target 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.