Franklin Resources Inc. Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Franklin Resources Inc. bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 9,413 shares of the company's stock, valued at approximately $290,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of PRMB. Alliancebernstein L.P. purchased a new stake in Primo Brands in the fourth quarter valued at $5,092,000. Wellington Management Group LLP acquired a new stake in Primo Brands during the fourth quarter worth about $43,413,000. O Shaughnessy Asset Management LLC purchased a new position in Primo Brands during the fourth quarter valued at approximately $1,299,000. Arrowstreet Capital Limited Partnership acquired a new position in Primo Brands in the fourth quarter valued at approximately $312,000. Finally, Pertento Partners LLP purchased a new stake in Primo Brands in the 4th quarter worth approximately $70,301,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analysts Set New Price Targets

PRMB has been the subject of several recent research reports. BMO Capital Markets began coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price for the company. TD Securities started coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, Royal Bank of Canada increased 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands currently has a consensus rating of "Buy" and a consensus price target of $41.50.

Primo Brands Stock Performance

Shares of PRMB traded down $0.44 during mid-day trading on Thursday, hitting $32.75. 761,275 shares of the company were exchanged, compared to its average volume of 3,214,073. 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 $35.85. The stock has a market cap of $12.45 billion, a PE ratio of 39.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The firm's 50 day simple moving average is $33.16.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for 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%. Research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.22%. 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.

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.