Teacher Retirement System of Texas Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Teacher Retirement System of Texas purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 144,410 shares of the company’s stock, valued at approximately $4,443,000.

Several other institutional investors and hedge funds have also made changes to their positions in PRMB. William Blair Investment Management LLC acquired a new position in Primo Brands during the fourth quarter worth about $343,451,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $111,169,000. KBC Group NV purchased a new stake in Primo Brands in the 4th quarter valued at approximately $49,585,000. Bank of New York Mellon Corp acquired a new stake in Primo Brands during the 4th quarter valued at $40,563,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Primo Brands during the fourth quarter worth $36,995,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

Shares of PRMB stock opened at $32.01 on Tuesday. The firm has a market capitalization of $12.17 billion, a price-to-earnings ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The stock’s 50 day moving average is $32.70. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25. 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) last issued its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share 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 firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. As a group, equities analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09.

Analysts Set New Price Targets

A number of research firms recently commented on PRMB. Deutsche Bank Aktiengesellschaft increased their price objective 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 report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target for the company. TD Securities upped their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lifted their target price 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. Finally, Royal Bank of Canada raised 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. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target 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.