Legal & General Group Plc Invests $13.90 Million in Primo Brands Co. (NYSE:PRMB)

Legal & General Group Plc 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 451,824 shares of the company's stock, valued at approximately $13,903,000. Legal & General Group Plc owned about 0.12% of Primo Brands at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. FMR LLC acquired a new stake in Primo Brands in the fourth quarter valued at approximately $653,019,000. Vanguard Group Inc. purchased a new position in Primo Brands during the 4th quarter worth approximately $471,249,000. William Blair Investment Management LLC acquired a new position in Primo Brands during the fourth quarter worth approximately $343,451,000. JPMorgan Chase & Co. acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $122,757,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands in the 4th quarter valued at $111,169,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

NYSE PRMB traded down $0.66 during trading hours on Monday, hitting $32.89. The company had a trading volume of 152,106 shares, compared to its average volume of 3,207,908. The stock has a market cap of $12.50 billion, a P/E ratio of 39.87, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The business's 50 day moving average is $33.20. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two 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 posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate 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, equities analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.22%.

Analysts Set New Price Targets

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

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.