AlphaQuest LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

AlphaQuest LLC bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 8,090 shares of the company's stock, valued at approximately $249,000.

Several other hedge funds also recently bought and sold shares of PRMB. Rise Advisors LLC purchased a new position in shares of Primo Brands in the 4th quarter valued at about $28,000. SRS Capital Advisors Inc. acquired a new stake in Primo Brands in the fourth quarter valued at approximately $30,000. Blue Trust Inc. purchased a new position in Primo Brands in the fourth quarter worth approximately $33,000. R Squared Ltd acquired a new position in Primo Brands during the 4th quarter worth approximately $42,000. Finally, Amalgamated Bank purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $166,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Trading Up 0.3 %

Shares of Primo Brands stock traded up $0.11 on Wednesday, hitting $31.93. The stock had a trading volume of 1,225,720 shares, compared to its average volume of 2,973,811. The firm has a market cap of $12.14 billion, a PE ratio of 37.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 52-week low of $17.27 and a 52-week high of $35.25. The business has a 50 day moving average price of $32.59.

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 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 analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

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Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a dividend of $0.10 per share. 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 1.25%. The ex-dividend date of this dividend is Friday, March 7th.

Analyst Ratings Changes

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