Teacher Retirement System of Texas Invests $4.44 Million in Primo Brands Co. (NYSE:PRMB)

Teacher Retirement System of Texas purchased 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 Securities and Exchange Commission (SEC). The fund purchased 144,410 shares of the company's stock, valued at approximately $4,443,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. William Blair Investment Management LLC bought a new position in shares of Primo Brands during the fourth quarter worth about $343,451,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth $111,169,000. KBC Group NV bought a new position in Primo Brands during the fourth quarter worth $49,585,000. Bank of New York Mellon Corp acquired a new position in Primo Brands in the fourth quarter valued at $40,563,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in Primo Brands during the fourth quarter valued at $36,995,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PRMB shares. TD Securities increased their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. increased their price objective on shares of 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 Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, Royal Bank of Canada upped their target price on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $41.40.

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Primo Brands Stock Up 4.2 %

PRMB stock traded up $1.35 during mid-day trading on Tuesday, reaching $33.44. 4,714,418 shares of the company traded hands, compared to its average volume of 2,796,216. 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 50 day simple moving average of $32.70. The firm has a market cap of $12.71 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.25.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a $0.10 dividend. The ex-dividend date was Friday, March 7th. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.20%.

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.