Geode Capital Management LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,477,223 shares of the company's stock, valued at approximately $107,020,000. Geode Capital Management LLC owned 0.92% of Primo Brands as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter valued at $28,000. SRS Capital Advisors Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at $30,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter valued at about $30,000. Blue Trust Inc. acquired a new stake in Primo Brands in the fourth quarter valued at approximately $33,000. Finally, R Squared Ltd acquired a new stake in shares of Primo Brands in the 4th quarter worth $42,000. 87.71% of the stock is owned by hedge funds and other institutional investors.
Primo Brands Stock Performance
NYSE PRMB traded down $0.35 during trading hours on Tuesday, reaching $33.79. The company's stock had a trading volume of 567,960 shares, compared to its average volume of 3,212,648. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week 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. The business's 50-day moving average price is $33.19. The company has a market cap of $12.84 billion, a PE ratio of 40.33, a PEG ratio of 0.78 and a beta of 0.82.
Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Equities analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.
Primo Brands Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a $0.10 dividend. 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. This represents a $0.40 annualized dividend and a yield of 1.18%.
Analysts Set New Price Targets
A number of research firms recently commented on PRMB. JPMorgan Chase & Co. lifted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective for the company. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. Royal Bank of Canada increased their target price 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. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $41.50.
View Our Latest Analysis on Primo Brands
Primo Brands Company Profile
(
Free Report)
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.
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