Bullseye Asset Management LLC Acquires New Holdings in Primo Brands Co. (NYSE:PRMB)

Bullseye Asset Management LLC bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 285,258 shares of the company's stock, valued at approximately $8,777,000. Primo Brands comprises approximately 4.1% of Bullseye Asset Management LLC's holdings, making the stock its 3rd biggest holding. Bullseye Asset Management LLC owned about 0.08% of Primo Brands at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PRMB. FMR LLC acquired a new position in shares of Primo Brands in the fourth quarter worth $653,019,000. Vanguard Group Inc. acquired a new position in Primo Brands during the 4th quarter worth $471,249,000. William Blair Investment Management LLC purchased a new position in shares of Primo Brands in the 4th quarter valued at about $343,451,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth about $128,982,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Primo Brands during the fourth quarter worth approximately $122,757,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. 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. TD Securities assumed coverage on Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. JPMorgan Chase & Co. increased their price target 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. BMO Capital Markets began coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $41.50.

Primo Brands Stock Performance

Shares of Primo Brands stock opened at $32.43 on Friday. The stock's fifty day simple moving average is $33.14. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock has a market cap of $12.33 billion, a P/E ratio of 39.70, a P/E/G ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (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 analyst estimates of $1.58 billion. As a group, equities analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.