Alliancebernstein L.P. Takes $5.09 Million Position in Primo Brands Co. (NYSE:PRMB)

Alliancebernstein L.P. purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 165,494 shares of the company's stock, valued at approximately $5,092,000.

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

Primo Brands Stock Performance

Shares of NYSE:PRMB traded down $0.30 during trading on Tuesday, reaching $33.83. The company had a trading volume of 3,412,256 shares, compared to its average volume of 3,238,963. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm has a market cap of $12.86 billion, a price-to-earnings ratio of 40.33, a PEG ratio of 0.78 and a beta of 0.82. The business's fifty day moving average is $33.19.

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Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly 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). The firm had revenue of $1.40 billion for 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%. Equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a $0.10 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.18%. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

Analysts Set New Price Targets

A number of research analysts recently commented on PRMB shares. Royal Bank of Canada upped 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. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. upped their target price 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. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Finally, 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 on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands presently has a consensus rating of "Buy" and a consensus target price of $41.50.

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.