Bullseye Asset Management LLC Makes New $8.78 Million Investment in Primo Brands Co. (NYSE:PRMB)

Bullseye Asset Management LLC acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 285,258 shares of the company's stock, valued at approximately $8,777,000. Primo Brands accounts for approximately 4.1% of Bullseye Asset Management LLC's investment portfolio, making the stock its 3rd biggest holding. Bullseye Asset Management LLC owned 0.08% of Primo Brands as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rise Advisors LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at $28,000. SRS Capital Advisors Inc. bought a new position in Primo Brands in the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands in the 4th quarter worth about $30,000. Blue Trust Inc. bought a new position in Primo Brands in the 4th quarter worth about $33,000. Finally, R Squared Ltd bought a new position in Primo Brands in the 4th quarter worth about $42,000. 87.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Primo Brands Stock Up 0.1 %

Shares of Primo Brands stock traded up $0.03 during trading on Wednesday, hitting $32.58. 742,012 shares of the stock traded hands, compared to its average volume of 3,196,146. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market capitalization of $12.39 billion, a PE ratio of 39.18, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The business has a fifty day simple moving average of $33.12. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85.

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

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.23%.

Primo Brands 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.