MetLife Investment Management LLC Acquires Shares of 95,392 Primo Brands Co. (NYSE:PRMB)

MetLife Investment Management LLC bought a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 95,392 shares of the company's stock, valued at approximately $2,935,000.

A number of other hedge funds have also recently made changes to their positions in PRMB. FMR LLC bought a new position in shares of Primo Brands in the fourth quarter worth approximately $653,019,000. Vanguard Group Inc. bought a new position in Primo Brands in the 4th quarter valued at approximately $471,249,000. William Blair Investment Management LLC purchased a new stake in Primo Brands during the 4th quarter valued at $343,451,000. JPMorgan Chase & Co. bought a new stake in shares of Primo Brands in the 4th quarter worth $122,757,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Primo Brands in the fourth quarter worth $111,169,000. 87.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. 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 report on Monday, January 6th. BMO Capital Markets initiated coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. JPMorgan Chase & Co. increased their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. TD Securities initiated coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Six investment 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 target price of $41.50.

Primo Brands Trading Up 0.8 %

Primo Brands stock traded up $0.26 during trading on Friday, reaching $33.17. The company had a trading volume of 1,483,105 shares, compared to its average volume of 3,413,936. The stock has a market capitalization of $12.61 billion, a price-to-earnings ratio of 39.18, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The business's 50-day moving average is $33.05. Primo Brands Co. has a 52 week low of $19.64 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted 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 analysts' expectations of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. On average, analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders 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 dividend yield of 1.21%.

Primo Brands 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.