First Trust Advisors LP Buys Shares of 1,745,918 Primo Brands Co. (NYSE:PRMB)

First Trust Advisors LP purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,745,918 shares of the company's stock, valued at approximately $53,722,000. First Trust Advisors LP owned about 0.46% of Primo Brands at the end of the most recent reporting period.

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

Primo Brands Stock Performance

Shares of PRMB stock traded down $0.02 during trading hours on Friday, reaching $32.41. The company had a trading volume of 2,778,059 shares, compared to its average volume of 3,228,988. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The company's fifty day simple moving average is $33.14. The stock has a market capitalization of $12.32 billion, a P/E ratio of 39.70, a P/E/G ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 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 company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, equities analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed 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 a boost from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Friday, March 7th.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PRMB shares. Truist Financial began coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 target price for the company. BMO Capital Markets assumed coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft increased their price target 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. Finally, 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 note on Monday, January 6th. Six equities research 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.

Primo Brands 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.