Brown Brothers Harriman & Co. Takes Position in Primo Brands Co. (NYSE:PRMB)

Brown Brothers Harriman & Co. acquired 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 firm acquired 55,966 shares of the company's stock, valued at approximately $1,722,000.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. BMO Capital Markets started coverage on Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. Deutsche Bank Aktiengesellschaft upped their target price on shares of 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 raised their price target 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. TD Securities upped their price objective on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. lifted their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $41.40.

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Primo Brands Stock Performance

NYSE PRMB traded down $0.27 during trading on Tuesday, reaching $35.22. 4,495,442 shares of the company's stock were exchanged, compared to its average volume of 3,060,552. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The firm has a market cap of $13.39 billion, a PE ratio of 41.51, a P/E/G ratio of 0.78 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. The stock has a 50 day simple moving average of $32.94.

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 negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Friday, March 7th. This is an increase from Primo Brands's previous quarterly dividend of $0.09.

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.