34,200 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Gabelli Funds LLC

Gabelli Funds LLC bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 34,200 shares of the company's stock, valued at approximately $1,052,000.

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

Primo Brands Trading Down 0.6 %

PRMB traded down $0.18 during trading on Friday, reaching $32.25. The stock had a trading volume of 594,938 shares, compared to its average volume of 3,210,193. Primo Brands Co. has a one year low of $24.41 and a one year 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. The firm's 50 day simple moving average is $33.14. The company has a market capitalization of $12.26 billion, a P/E ratio of 39.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly 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 the consensus estimate 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, equities research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PRMB. Truist Financial assumed coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. TD Securities began coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Royal Bank of Canada lifted their price target on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. Finally, BMO Capital Markets assumed 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $41.50.

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.