Price T Rowe Associates Inc. MD Acquires Shares of 345,738 Primo Brands Co. (NYSE:PRMB)

Price T Rowe Associates Inc. MD purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 345,738 shares of the company's stock, valued at approximately $10,640,000. Price T Rowe Associates Inc. MD owned 0.09% of Primo Brands as of its most recent SEC filing.

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

Analyst Ratings Changes

PRMB has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective 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. Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. TD Securities began coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has a consensus rating of "Buy" and an average target price of $41.50.

Primo Brands Stock Down 0.6 %

Shares of NYSE PRMB traded down $0.21 during midday trading on Wednesday, hitting $32.84. 2,531,265 shares of the company's stock were exchanged, compared to its average volume of 3,225,475. 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 capitalization of $12.49 billion, a price-to-earnings ratio of 39.65, a PEG ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The business has a 50 day moving average of $33.01.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS 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 positive return on equity of 10.27% and a negative net margin of 2.74%. On average, equities research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.22%.

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.