Philadelphia Trust Co. Makes New $308,000 Investment in Primo Brands Co. (NYSE:PRMB)

Philadelphia Trust Co. acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the company's stock, valued at approximately $308,000.

A number of other hedge funds have also made changes to their positions in PRMB. Rise Advisors LLC bought a new stake in Primo Brands in the fourth quarter worth about $28,000. Fulton Bank N.A. bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $669,000. Green Alpha Advisors LLC bought a new stake in Primo Brands during the fourth quarter worth approximately $835,000. Procyon Advisors LLC acquired a new position in Primo Brands in the fourth quarter worth approximately $553,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of Primo Brands in the fourth quarter valued at $176,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

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

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Primo Brands Price Performance

Primo Brands stock traded down $0.30 during trading hours on Tuesday, hitting $33.83. The company had a trading volume of 3,412,256 shares, compared to its average volume of 3,238,963. The company's fifty day moving average is $33.20. The firm has a market capitalization of $12.86 billion, a price-to-earnings ratio of 40.33, a P/E/G ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. 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 - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a $0.10 dividend. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.18%.

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.