PNC Financial Services Group Inc. Purchases New Shares in Primo Brands Co. (NYSE:PRMB)

PNC Financial Services Group Inc. acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,176 shares of the company's stock, valued at approximately $252,000.

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

Analyst Upgrades and Downgrades

PRMB has been the topic of a number of analyst reports. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their target price 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. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Royal Bank of Canada raised their price objective 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, BMO Capital Markets started coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 target price for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $41.40.

Remove Ads

Primo Brands Stock Performance

PRMB stock traded up $0.18 during midday trading on Tuesday, reaching $32.27. 432,390 shares of the company were exchanged, compared to its average volume of 2,796,216. The company has a market capitalization of $12.27 billion, a P/E ratio of 39.04, 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 1-year low of $24.41 and a 1-year high of $35.25. The company's 50-day moving average price is $32.70.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.11 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 for the quarter, compared to analyst estimates of $1.58 billion. On average, research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors 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 boost from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%.

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.