Mariner LLC Acquires New Shares in Primo Brands Co. (NYSE:PRMB)

Mariner LLC bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,661 shares of the company's stock, valued at approximately $574,000.

Other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter valued at about $28,000. SRS Capital Advisors Inc. acquired a new position in Primo Brands during the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands during the fourth quarter valued at approximately $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the fourth quarter valued at approximately $33,000. Finally, R Squared Ltd acquired a new stake in shares of Primo Brands in the fourth quarter worth $42,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Shares of PRMB stock opened at $32.60 on Thursday. The firm has a fifty day simple moving average of $33.09. The firm has a market cap of $12.39 billion, a PE ratio of 39.18, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, sell-side analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.23%. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Analysts Set New Price Targets

Several brokerages recently commented on PRMB. Truist Financial initiated 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. Royal Bank of Canada lifted their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. TD Securities started coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. JPMorgan Chase & Co. lifted their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $41.50.

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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