Hsbc Holdings PLC Buys Shares of 69,071 Primo Brands Co. (NYSE:PRMB)

Hsbc Holdings PLC purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 69,071 shares of the company's stock, valued at approximately $2,117,000.

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

Primo Brands Trading Up 0.4 %

Primo Brands stock traded up $0.13 during trading on Friday, hitting $33.04. 3,321,447 shares of the company were exchanged, compared to its average volume of 3,210,801. The company has a market capitalization of $12.56 billion, a P/E ratio of 39.65, a P/E/G ratio of 0.78 and a beta of 0.83. The firm has a 50 day simple moving average of $33.04. 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 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. Equities analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PRMB shares. JPMorgan Chase & Co. upped their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Royal Bank of Canada increased their price target on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. Truist Financial started coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has a consensus rating of "Buy" and an average 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.