Zurcher Kantonalbank Zurich Cantonalbank Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 43,407 shares of the company's stock, valued at approximately $1,336,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Taika Capital LP purchased a new stake in Primo Brands in the fourth quarter worth about $752,000. AlphaQuest LLC purchased a new stake in Primo Brands in the fourth quarter worth about $249,000. PNC Financial Services Group Inc. purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $252,000. Global Alpha Capital Management Ltd. purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $2,703,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $36,995,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Trading Up 0.1 %

PRMB stock traded up $0.03 on Friday, hitting $32.43. The company had a trading volume of 4,341,566 shares, compared to its average volume of 2,772,974. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.25. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average of $32.68. The company has a market capitalization of $12.33 billion, a PE ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

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Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results 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 company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.23%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PRMB shares. TD Securities increased their price target on shares of Primo Brands from $40.00 to $48.00 and gave the company a "buy" 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 company a "buy" rating in a report on Friday, February 28th. BMO Capital Markets started coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target on the stock. 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 report on Monday, January 6th. Finally, JPMorgan Chase & Co. increased their price target 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $41.40.

About Primo Brands

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.