1,019,339 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC bought 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 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,019,339 shares of the company's stock, valued at approximately $31,365,000. Lord Abbett & CO. LLC owned about 0.27% of Primo Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the stock. Rise Advisors LLC purchased a new position in Primo Brands in the 4th quarter valued at about $28,000. Fulton Bank N.A. bought a new position in shares of Primo Brands during the fourth quarter worth about $669,000. Green Alpha Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter worth about $835,000. Procyon Advisors LLC acquired a new position in Primo Brands in the fourth quarter worth about $553,000. Finally, Nisa Investment Advisors LLC bought a new stake in Primo Brands in the fourth quarter valued at about $176,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of PRMB traded up $0.12 during mid-day trading on Friday, reaching $33.03. 1,833,528 shares of the company's stock traded hands, compared to its average volume of 3,198,754. 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 cap of $12.56 billion, a PE ratio of 39.18, a P/E/G ratio of 0.78 and a beta of 0.82. The firm's 50-day simple moving average is $33.05.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates 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%. Equities research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

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

Analysts Set New Price Targets

PRMB has been the subject of several research reports. BMO Capital Markets initiated coverage on Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. Royal Bank of Canada boosted their target price 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. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, 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 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands presently has a consensus 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.