Mercer Global Advisors Inc. ADV Buys New Shares in Primo Brands Co. (NYSE:PRMB)

Mercer Global Advisors Inc. ADV purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,231 shares of the company's stock, valued at approximately $499,000.

Other institutional investors have 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 $835,000. Procyon Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter worth about $553,000. Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter valued at about $176,000. Dynamic Advisor Solutions LLC bought a new position in Primo Brands during the fourth quarter worth about $1,887,000. Finally, Drive Wealth Management LLC acquired a new position in Primo Brands during the fourth quarter worth approximately $241,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on PRMB. Truist Financial initiated coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. Deutsche Bank Aktiengesellschaft upped their price objective 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. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. TD Securities assumed coverage on Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Finally, Mizuho initiated coverage on Primo Brands in a research note on Monday. They set an "outperform" rating and a $43.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $41.71.

Primo Brands Stock Down 0.2%

Shares of NYSE:PRMB opened at $31.88 on Tuesday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The stock's 50 day simple moving average is $32.93. The firm has a market cap of $12.12 billion, a price-to-earnings ratio of 39.82, a PEG ratio of 0.78 and a beta of 0.83. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The business 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 quarterly revenue was up 42.1% compared to the same quarter last year. On average, research analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

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

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.

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