Neuberger Berman Group LLC Invests $269,000 in Primo Brands Co. (NYSE:PRMB)

Neuberger Berman Group LLC acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,744 shares of the company's stock, valued at approximately $269,000.

Several other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at about $28,000. SRS Capital Advisors Inc. bought a new position in Primo Brands during the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $30,000. Blue Trust Inc. bought a new stake in Primo Brands in the fourth quarter valued at approximately $33,000. Finally, R Squared Ltd purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $42,000. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on PRMB shares. 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. TD Securities initiated coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. increased their target price 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 boosted their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $41.50.

Primo Brands Stock Performance

Shares of NYSE PRMB traded up $0.43 during mid-day trading on Friday, hitting $33.52. 2,758,108 shares of the stock traded hands, compared to its average volume of 3,235,751. The company has a market capitalization of $12.74 billion, a P/E ratio of 40.33, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The stock has a fifty day moving average of $33.20. Primo Brands Co. has a 52 week low of $24.41 and a 52 week 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 posted its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share 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 company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, sell-side analysts predict 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. Investors of record on Friday, March 7th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.19%. 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.

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.