State of Tennessee Department of Treasury Acquires New Holdings in Primo Brands Co. (NYSE:PRMB)

State of Tennessee Department of Treasury purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 23,090 shares of the company's stock, valued at approximately $710,000.

A number of other institutional investors have also modified their holdings of the stock. FMR LLC purchased a new position in Primo Brands in the fourth quarter valued at $653,019,000. Vanguard Group Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at about $471,249,000. William Blair Investment Management LLC acquired a new position in Primo Brands in the 4th quarter worth about $343,451,000. JPMorgan Chase & Co. purchased a new position in Primo Brands during the fourth quarter worth approximately $122,757,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands in the fourth quarter valued at approximately $111,169,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

PRMB traded down $0.21 on Wednesday, reaching $32.84. 2,531,265 shares of the company's stock were exchanged, compared to its average volume of 3,225,475. The firm has a market capitalization of $12.49 billion, a PE ratio of 39.65, a PEG ratio of 0.78 and a beta of 0.83. 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 Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The business has a fifty day moving average price of $33.01.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). The company 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, research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on 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 target price for the company. JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock 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. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $41.50.

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.