Envestnet Asset Management Inc. Invests $3.93 Million in Primo Brands Co. (NYSE:PRMB)

Envestnet Asset Management Inc. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 127,695 shares of the company's stock, valued at approximately $3,929,000.

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

Analysts Set New Price Targets

Several research firms recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Royal Bank of Canada boosted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. TD Securities began coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Finally, Truist Financial assumed coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $41.50.

Primo Brands Trading Down 0.1 %

Shares of NYSE PRMB traded down $0.02 during midday trading on Friday, hitting $32.41. The company's stock had a trading volume of 2,778,059 shares, compared to its average volume of 3,228,990. The firm has a market capitalization of $12.32 billion, a price-to-earnings ratio of 39.70, a P/E/G ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. 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 business's 50 day moving average price is $33.14.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly 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 business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. On average, analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.23%. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Primo Brands Company 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.