Third Point LLC Acquires New Shares in Primo Brands Co. (NYSE:PRMB)

Third Point LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,400,000 shares of the company's stock, valued at approximately $73,848,000. Primo Brands accounts for about 1.0% of Third Point LLC's investment portfolio, making the stock its 29th biggest position. Third Point LLC owned about 0.63% of Primo Brands at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp purchased a new position in shares of Primo Brands during the 4th quarter worth $48,501,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $1,882,000. Public Employees Retirement Association of Colorado purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $68,000. NewGen Asset Management Ltd acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $3,846,000. Finally, Nitorum Capital L.P. purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $82,725,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on PRMB. Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Royal Bank of Canada lifted 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. 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 report on Friday, February 21st. TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Finally, BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $41.50.

Primo Brands Stock Up 0.4 %

NYSE:PRMB traded up $0.13 during trading hours on Monday, reaching $33.18. 4,371,006 shares of the company's stock were exchanged, compared to its average volume of 3,220,552. The firm has a market cap of $12.61 billion, a price-to-earnings ratio of 39.65, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85. The firm's 50-day moving average is $33.04. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last released 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. Research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal 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 issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, June 6th.

Primo Brands Company 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.