Invesco Ltd. Takes $4.01 Million Position in Primo Brands Co. (NYSE:PRMB)

Invesco Ltd. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 130,209 shares of the company's stock, valued at approximately $4,007,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC purchased a new stake in shares of Primo Brands in the 4th quarter valued at $28,000. Fulton Bank N.A. purchased a new stake in Primo Brands during the fourth quarter worth about $669,000. Green Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth about $835,000. Procyon Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter valued at approximately $553,000. Finally, Nisa Investment Advisors LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at approximately $176,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRMB has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. TD Securities assumed coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Truist Financial began coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Finally, Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, January 6th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands has an average rating of "Buy" and an average price target of $41.50.

Primo Brands Stock Performance

Shares of PRMB stock traded up $0.17 during mid-day trading on Friday, hitting $33.08. 794,072 shares of the stock were exchanged, compared to its average volume of 3,189,801. Primo Brands Co. has a 12-month low of $24.41 and a 12-month 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 company has a market capitalization of $12.58 billion, a PE ratio of 39.18, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The firm's fifty day moving average price is $33.05.

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

Primo Brands Announces Dividend

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

Primo Brands Company 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.