Neuberger Berman Group LLC Takes $269,000 Position in Primo Brands Co. (NYSE:PRMB)

Neuberger Berman Group LLC bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,744 shares of the company's stock, valued at approximately $269,000.

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

Primo Brands Stock Performance

Shares of NYSE PRMB traded down $0.30 during midday trading on Tuesday, reaching $33.83. The stock had a trading volume of 3,412,256 shares, compared to its average volume of 3,238,963. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The business's 50-day simple moving average is $33.20. The company has a market cap of $12.86 billion, a P/E ratio of 40.33, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

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 analysts' consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

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Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were 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 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Friday, March 7th.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Truist Financial started coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. JPMorgan Chase & Co. raised their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Royal Bank of Canada increased their price objective 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, TD Securities started coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $41.50.

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.