Cibc World Markets Corp Makes New $455,000 Investment in Primo Brands Co. (NYSE:PRMB)

Cibc World Markets Corp purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 14,776 shares of the company's stock, valued at approximately $455,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Rise Advisors LLC acquired a new position in Primo Brands during the 4th quarter valued at about $28,000. SRS Capital Advisors Inc. bought a new stake in Primo Brands during the fourth quarter worth approximately $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the fourth quarter worth approximately $30,000. Blue Trust Inc. bought a new position in Primo Brands during the 4th quarter valued at $33,000. Finally, R Squared Ltd acquired a new position in shares of Primo Brands during the 4th quarter valued at $42,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRMB has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. TD Securities upped their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Finally, BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has a consensus rating of "Buy" and a consensus target price of $41.40.

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Primo Brands Trading Up 2.6 %

Primo Brands stock traded up $0.84 during trading hours on Tuesday, reaching $32.93. 2,098,183 shares of the company were exchanged, compared to its average volume of 2,796,216. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.25. The firm has a market capitalization of $12.52 billion, a price-to-earnings ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. 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 firm has a 50-day moving average price of $32.70.

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 analysts' consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a dividend of $0.10 per share. This is an increase 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 yield of 1.21%.

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.