127,695 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Envestnet Asset Management Inc.

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

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in Primo Brands during the 4th quarter worth approximately $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands in the 4th quarter worth about $30,000. Blue Trust Inc. bought a new position in Primo Brands in the 4th quarter worth approximately $33,000. Finally, R Squared Ltd bought a new position in shares of Primo Brands in the fourth quarter worth $42,000. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Truist Financial started coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Royal Bank of Canada increased their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. JPMorgan Chase & Co. lifted 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, February 21st. Finally, BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $41.50.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $33.18 on Thursday. The firm has a fifty day moving average of $33.16. 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 current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.61 billion, a P/E ratio of 39.87, a PEG ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.21%. This is an increase 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.

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