Senator Investment Group LP acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,433,505 shares of the company's stock, valued at approximately $44,109,000. Primo Brands accounts for approximately 1.3% of Senator Investment Group LP's investment portfolio, making the stock its 28th largest position. Senator Investment Group LP owned approximately 0.38% of Primo Brands at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in Primo Brands during the fourth quarter valued at $28,000. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands during the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Primo Brands during the 4th quarter worth about $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands during the 4th quarter valued at about $33,000. Finally, R Squared Ltd purchased a new position in shares of Primo Brands in the 4th quarter valued at about $42,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on PRMB shares. JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Truist Financial assumed coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective on the stock. Finally, Royal Bank of Canada increased their target price on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, January 6th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $41.50.
Get Our Latest Stock Report on Primo Brands
Primo Brands Stock Down 0.1 %
PRMB traded down $0.02 during trading on Friday, reaching $32.41. The company's stock had a trading volume of 2,778,059 shares, compared to its average volume of 3,228,990. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock has a fifty day simple moving average of $33.14. The company has a market capitalization of $12.32 billion, a P/E ratio of 39.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85.
Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, equities analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.
Primo Brands Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were given a dividend of $0.10 per share. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Friday, March 7th.
Primo Brands Profile
(
Free Report)
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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