Pictet Asset Management Holding SA Takes Position in Primo Brands Co. (NYSE:PRMB)

Pictet Asset Management Holding SA bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,716 shares of the company's stock, valued at approximately $668,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new stake in Primo Brands in the fourth quarter valued at $28,000. Fulton Bank N.A. purchased a new stake in shares of Primo Brands in the 4th quarter worth about $669,000. Green Alpha Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at about $835,000. Procyon Advisors LLC purchased a new position in Primo Brands during the 4th quarter valued at about $553,000. Finally, Nisa Investment Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth about $176,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on PRMB shares. Royal Bank of Canada increased their price target on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, TD Securities started coverage on shares of Primo Brands in a research note on Tuesday. They issued a "buy" rating and a $48.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands has a consensus rating of "Buy" and a consensus target price of $41.50.

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Primo Brands Stock Up 0.9 %

Shares of NYSE:PRMB traded up $0.31 during midday trading on Friday, reaching $33.78. The company's stock had a trading volume of 5,650,827 shares, compared to its average volume of 3,237,725. The firm has a market cap of $12.84 billion, a price-to-earnings ratio of 40.22, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company's 50 day moving average is $33.18. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB - Get Free Report) last posted 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). The business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Sell-side analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Primo Brands's previous quarterly dividend of $0.09.

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.