Allspring Global Investments Holdings LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,587,264 shares of the company's stock, valued at approximately $111,169,000. Allspring Global Investments Holdings LLC owned approximately 0.95% of Primo Brands as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $28,000. R Squared Ltd bought a new stake in shares of Primo Brands during the 4th quarter valued at $42,000. Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at $176,000. Entropy Technologies LP bought a new stake in shares of Primo Brands during the 4th quarter valued at $236,000. Finally, Drive Wealth Management LLC acquired a new position in shares of Primo Brands during the 4th quarter worth $241,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Down 1.0 %

NYSE:PRMB traded down $0.35 on Friday, hitting $33.20. The stock had a trading volume of 1,791,892 shares, compared to its average volume of 1,508,215. The company's fifty day moving average price is $31.92. The company has a market cap of $12.59 billion, a P/E ratio of 20.62, a PEG ratio of 0.83 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Brands Co. has a 52 week low of $14.10 and a 52 week high of $34.14.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PRMB shares. Royal Bank of Canada boosted their price target on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. TD Securities boosted their price target on Primo Brands from $32.00 to $40.00 and gave the stock a "buy" rating in a report on Monday, January 27th. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on Primo Brands in a report on Monday, November 18th. They issued a "buy" rating and a $33.00 target price for the company.

Primo Brands 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.