JPMorgan Chase & Co. Takes $122.76 Million Position in Primo Brands Co. (NYSE:PRMB)

JPMorgan Chase & Co. bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,989,501 shares of the company's stock, valued at approximately $122,757,000. JPMorgan Chase & Co. owned approximately 1.05% of Primo Brands as of its most recent filing with the Securities & Exchange Commission.

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

Primo Brands Price Performance

Shares of Primo Brands stock traded down $2.22 during trading on Friday, hitting $33.41. The stock had a trading volume of 6,099,096 shares, compared to its average volume of 3,154,710. The firm has a market capitalization of $12.70 billion, a PE ratio of 42.42, a PEG ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a fifty day simple moving average of $33.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

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Primo Brands (NYSE:PRMB - Get Free Report) last announced 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). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Analysts expect 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. Investors of record on Friday, March 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.20%. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

Wall Street Analysts Forecast Growth

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

Primo Brands Company 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.