16,517 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 16,517 shares of the company's stock, valued at approximately $508,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRMB. Rise Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter worth $28,000. Fulton Bank N.A. purchased a new position in Primo Brands during the fourth quarter valued at $669,000. Green Alpha Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at $835,000. Procyon Advisors LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $553,000. Finally, Nisa Investment Advisors LLC purchased a new position in Primo Brands in the 4th quarter worth about $176,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

PRMB stock traded down $0.57 during trading on Thursday, reaching $32.62. The company had a trading volume of 1,026,409 shares, compared to its average volume of 3,215,758. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The business has a 50-day simple moving average of $33.16. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The firm has a market cap of $12.40 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 (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 the consensus estimate of $0.19 by ($0.08). The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Sell-side analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current 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 paid a $0.10 dividend. The ex-dividend date was Friday, March 7th. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%.

Analyst Upgrades and Downgrades

PRMB has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted 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. Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. Royal Bank of Canada boosted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft lifted their target price on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands currently has a consensus rating of "Buy" and a consensus 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.