Alyeska Investment Group L.P. Takes $31.33 Million Position in Primo Brands Co. (NYSE:PRMB)

Alyeska Investment Group L.P. bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,018,236 shares of the company's stock, valued at approximately $31,331,000. Alyeska Investment Group L.P. owned approximately 0.27% of Primo Brands as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of research firms have weighed in on PRMB. Truist Financial began coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. 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 report on Monday, January 6th. JPMorgan Chase & Co. raised their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Finally, TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands currently has an average rating of "Buy" and an average price target of $41.50.

Primo Brands Stock Performance

PRMB traded down $0.17 during trading on Tuesday, reaching $33.06. The company's stock had a trading volume of 4,113,550 shares, compared to its average volume of 3,227,995. The company has a market capitalization of $12.57 billion, a P/E ratio of 39.65, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The firm has a fifty day moving average of $33.02. 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 current ratio of 2.18 and a quick ratio of 2.07.

Primo Brands (NYSE:PRMB - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $1.58 billion. Equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.21%.

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.