State of New Jersey Common Pension Fund D Buys Shares of 107,232 Primo Brands Co. (NYSE:PRMB)

State of New Jersey Common Pension Fund D acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 107,232 shares of the company's stock, valued at approximately $3,300,000.

A number of other institutional investors also recently made changes to their positions in the business. Rise Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter worth about $28,000. Blue Trust Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $33,000. R Squared Ltd acquired a new position in Primo Brands during the 4th quarter valued at approximately $42,000. Nisa Investment Advisors LLC acquired a new stake in Primo Brands in the fourth quarter worth $176,000. Finally, Entropy Technologies LP bought a new stake in Primo Brands in the 4th quarter valued at about $236,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft began coverage on Primo Brands in a report on Monday, November 18th. They set a "buy" rating and a $33.00 price target on the stock. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday. BMO Capital Markets began coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective on the stock. Royal Bank of Canada upped their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $40.00.

Primo Brands Trading Up 4.4 %

NYSE:PRMB traded up $1.43 during mid-day trading on Friday, reaching $34.02. 2,149,157 shares of the stock were exchanged, compared to its average volume of 1,900,993. Primo Brands Co. has a 1-year low of $14.10 and a 1-year high of $34.53. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.90 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 0.79 and a beta of 1.10. The business's fifty day moving average price is $32.04.

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 for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a return on equity of 8.80% and a net margin of 13.63%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, sell-side analysts forecast that Primo Brands Co. will post 0.91 earnings per share for the current year.

About Primo Brands

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.