182,431 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Great Lakes Advisors LLC

Great Lakes Advisors LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 182,431 shares of the company’s stock, valued at approximately $5,613,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRMB. Rise Advisors LLC bought a new position in shares of Primo Brands during the 4th quarter worth about $28,000. SRS Capital Advisors Inc. bought a new position in Primo Brands in the fourth quarter worth approximately $30,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands in the fourth quarter worth approximately $30,000. Blue Trust Inc. acquired a new stake in Primo Brands in the fourth quarter valued at approximately $33,000. Finally, R Squared Ltd bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $42,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Primo Brands stock opened at $31.30 on Friday. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.25. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock’s 50-day moving average price is $32.56. The stock has a market capitalization of $11.90 billion, a PE ratio of 39.01, a PEG ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The business 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%. As a group, analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Analysts Set New Price Targets

Several analysts recently issued reports on PRMB shares. BMO Capital Markets started coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company. Royal Bank of Canada lifted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. TD Securities upped their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $41.40.

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.