Wells Fargo & Company MN Takes Position in Primo Brands Co. (NYSE:PRMB)

Wells Fargo & Company MN bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 102,542 shares of the company's stock, valued at approximately $3,155,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Primo Brands in the fourth quarter worth $28,000. SRS Capital Advisors Inc. purchased a new position in Primo Brands during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC purchased a new position in shares of Primo Brands in the 4th quarter worth about $30,000. Blue Trust Inc. purchased a new position in shares of Primo Brands in the 4th quarter worth about $33,000. Finally, R Squared Ltd bought a new stake in Primo Brands in the 4th quarter worth about $42,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.59 during trading on Tuesday, hitting $32.54. The stock had a trading volume of 2,445,567 shares, compared to its average volume of 3,217,198. The firm has a market capitalization of $12.37 billion, a PE ratio of 39.18, a PEG ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a fifty day simple moving average of $33.12. 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 (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 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%. Analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.23%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research analyst reports. Royal Bank of Canada lifted their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. JPMorgan Chase & Co. upped their target price 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 upped their target price 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, BMO Capital Markets began coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average 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.