Bank of Montreal Can Buys New Stake in Primo Brands Co. (NYSE:PRMB)

Bank of Montreal Can bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,174 shares of the company's stock, valued at approximately $282,000.

Other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in Primo Brands in the fourth quarter worth approximately $28,000. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands in the 4th quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at $30,000. Blue Trust Inc. bought a new stake in Primo Brands during the 4th quarter valued at $33,000. Finally, R Squared Ltd acquired a new position in Primo Brands during the fourth quarter worth $42,000. 87.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PRMB has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped 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. TD Securities started coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. Deutsche Bank Aktiengesellschaft boosted their target price on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Royal Bank of Canada increased their price target on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. Finally, Truist Financial assumed coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands currently has an average rating of "Buy" and a consensus target price of $41.50.

Primo Brands Stock Performance

Shares of PRMB traded down $0.02 during mid-day trading on Friday, hitting $32.41. 2,778,059 shares of the stock were exchanged, compared to its average volume of 3,228,990. The stock has a 50-day simple moving average of $33.14. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock has a market cap of $12.32 billion, a P/E ratio of 39.70, a PEG ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. On average, sell-side analysts predict that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a $0.10 dividend. The ex-dividend date 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 yield of 1.23%.

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.