Thrivent Financial for Lutherans Invests $6.78 Million in Primo Brands Co. (NYSE:PRMB)

Thrivent Financial for Lutherans bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 220,281 shares of the company's stock, valued at approximately $6,778,000. Thrivent Financial for Lutherans owned 0.06% of Primo Brands at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tocqueville Asset Management L.P. acquired a new position in Primo Brands during the fourth quarter worth $1,862,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands during the 4th quarter worth about $343,451,000. Signaturefd LLC acquired a new position in shares of Primo Brands during the 4th quarter worth about $83,000. Cibc World Markets Corp purchased a new position in Primo Brands in the 4th quarter valued at about $455,000. Finally, Gitterman Wealth Management LLC purchased a new stake in Primo Brands during the 4th quarter worth approximately $471,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

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

Remove Ads

Primo Brands Stock Up 2.6 %

PRMB stock traded up $0.84 during mid-day trading on Tuesday, hitting $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 company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The firm's fifty day simple moving average is $32.70. The stock has a market capitalization of $12.52 billion, a price-to-earnings ratio of 39.04, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for 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%. Research analysts predict that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.21%. The ex-dividend date was Friday, March 7th. This is a boost 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.