Guggenheim Capital LLC Takes Position in Primo Brands Co. (NYSE:PRMB)

Guggenheim Capital LLC purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 15,118 shares of the company's stock, valued at approximately $465,000.

Several other large investors have also added to or reduced their stakes in PRMB. Canada Post Corp Registered Pension Plan purchased a new position in shares of Primo Brands during the fourth quarter worth $510,000. Mariner LLC acquired a new stake in Primo Brands during the 4th quarter worth about $574,000. Barclays PLC purchased a new position in shares of Primo Brands during the 4th quarter valued at about $25,902,000. Summit Investment Advisors Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at about $508,000. Finally, Townsquare Capital LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth about $255,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of PRMB traded up $0.18 during mid-day trading on Friday, reaching $33.09. The stock had a trading volume of 861,685 shares, compared to its average volume of 3,410,264. Primo Brands Co. has a 52-week low of $19.64 and a 52-week high of $35.85. The stock has a market capitalization of $12.58 billion, a price-to-earnings ratio of 39.18, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company has a fifty day moving average of $33.05. 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 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). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. As a group, sell-side analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.21%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRMB. JPMorgan Chase & Co. upped their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. 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 target price for the company. BMO Capital Markets began coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective 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, Royal Bank of Canada raised their target price on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $41.50.

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.