Catalyst Funds Management Pty Ltd Invests $751,000 in Primo Brands Co. (NYSE:PRMB)

Catalyst Funds Management Pty Ltd bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 24,400 shares of the company's stock, valued at approximately $751,000.

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

Primo Brands Stock Performance

Shares of PRMB stock traded up $0.41 on Thursday, reaching $32.38. The stock had a trading volume of 2,171,266 shares, compared to its average volume of 2,758,575. 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 1 year low of $24.41 and a 1 year high of $35.25. The firm has a market cap of $12.31 billion, a PE ratio of 38.89, a P/E/G ratio of 0.78 and a beta of 1.10. The stock's 50 day simple moving average is $32.61.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, equities research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

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Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is 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 yield of 1.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Royal Bank of Canada upped their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. TD Securities increased their target price on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, February 21st. BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. boosted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $41.40.

About Primo Brands

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.