Voya Investment Management LLC Invests $1.46 Million in Primo Brands Co. (NYSE:PRMB)

Voya Investment Management LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 47,297 shares of the company's stock, valued at approximately $1,455,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRMB. Rise Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter worth about $28,000. SRS Capital Advisors Inc. acquired a new stake in Primo Brands during the 4th quarter valued at approximately $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands during the 4th quarter worth approximately $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $33,000. Finally, R Squared Ltd purchased a new position in shares of Primo Brands during the 4th quarter valued at approximately $42,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. TD Securities initiated coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Truist Financial began coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $41.50.

Primo Brands Stock Performance

Shares of NYSE PRMB traded down $0.37 during midday trading on Friday, hitting $31.95. The company's stock had a trading volume of 22,232,506 shares, compared to its average volume of 3,428,178. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85. The business has a fifty day simple moving average of $32.95. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of 39.82, a P/E/G ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm's revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date of this dividend 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.