Marathon Partners Equity Management LLC Takes $1.15 Million Position in Primo Brands Co. (NYSE:PRMB)

Marathon Partners Equity Management LLC purchased a new stake in 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. The institutional investor purchased 37,500 shares of the company's stock, valued at approximately $1,154,000. Primo Brands accounts for 1.0% of Marathon Partners Equity Management LLC's portfolio, making the stock its 15th largest position.

Other hedge funds also recently made changes to their positions in the company. Green Alpha Advisors LLC bought a new position in shares of Primo Brands in the fourth quarter valued at approximately $835,000. Procyon Advisors LLC bought a new stake in shares of Primo Brands in the fourth quarter worth $553,000. Nisa Investment Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter worth $176,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Primo Brands in the 4th quarter valued at approximately $1,887,000. Finally, Drive Wealth Management LLC bought a new stake in Primo Brands during the 4th quarter valued at $241,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Price Performance

NYSE:PRMB opened at $31.88 on Tuesday. The stock has a market capitalization of $12.12 billion, a P/E ratio of 39.82, a P/E/G ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The stock has a fifty day moving average price of $32.93. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business's revenue was up 42.1% compared to the same quarter last year. As a group, analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date is Friday, June 6th.

Wall Street Analysts Forecast Growth

PRMB has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Mizuho started coverage on shares of Primo Brands in a research report on Monday. They set an "outperform" rating and a $43.00 target price on the stock. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $41.71.

About Primo Brands

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.

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