T. Rowe Price Investment Management Inc. Purchases New Shares in Primo Brands Co. (NYSE:PRMB)

T. Rowe Price Investment Management Inc. bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 1,195,172 shares of the company's stock, valued at approximately $36,776,000. T. Rowe Price Investment Management Inc. owned about 0.32% of Primo Brands at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PRMB. FMR LLC acquired a new position in Primo Brands in the 4th quarter valued at $653,019,000. Vanguard Group Inc. acquired a new position in 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 valued at $343,451,000. JPMorgan Chase & Co. acquired a new position in shares of Primo Brands during the 4th quarter valued at about $122,757,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands in the 4th quarter valued at $111,169,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. TD Securities initiated 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. Deutsche Bank Aktiengesellschaft lifted their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. BMO Capital Markets assumed coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price target on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $41.50.

Primo Brands Price Performance

Shares of NYSE:PRMB traded up $0.12 during trading on Friday, reaching $33.03. The stock had a trading volume of 1,604,648 shares, compared to its average volume of 3,197,796. The firm has a 50-day simple moving average of $33.05. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a market cap of $12.56 billion, a PE ratio of 39.18, a PEG ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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 analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.21%.

About Primo Brands

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.