325,330 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Samjo Management LLC

Samjo Management LLC bought a new stake in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, Holdings Channel reports. The institutional investor bought 325,330 shares of the company’s stock, valued at approximately $10,010,000. Primo Brands accounts for approximately 3.8% of Samjo Management LLC’s holdings, making the stock its 7th biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRMB. Vanguard Group Inc. acquired a new position in Primo Brands during the fourth quarter worth $471,249,000. William Blair Investment Management LLC bought a new position in shares of Primo Brands in the 4th quarter valued at approximately $343,451,000. JPMorgan Chase & Co. acquired a new stake in Primo Brands in the 4th quarter worth approximately $122,757,000. Allspring Global Investments Holdings LLC bought a new stake in Primo Brands during the fourth quarter worth approximately $111,169,000. Finally, Geode Capital Management LLC acquired a new position in Primo Brands in the 4th quarter valued at $107,020,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PRMB shares. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Truist Financial began coverage on shares of Primo Brands in a research note on Friday. They set a “buy” rating and a $42.00 price target on the stock. TD Securities raised their price objective 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 lifted their target price 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, Royal Bank of Canada raised their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands presently has an average rating of “Buy” and an average target price of $41.50.

Primo Brands Stock Performance

Shares of NYSE:PRMB opened at $33.41 on Friday. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a market capitalization of $12.70 billion, a P/E ratio of 42.42, a PEG ratio of 0.78 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm has a 50 day moving average price of $33.10.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. On average, sell-side analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.20%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th.

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.