Cinctive Capital Management LP Buys New Position in Primo Brands Co. (NYSE:PRMB)

Cinctive Capital Management LP acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 446,057 shares of the company's stock, valued at approximately $13,725,000. Primo Brands comprises about 0.7% of Cinctive Capital Management LP's investment portfolio, making the stock its 26th largest position. Cinctive Capital Management LP owned approximately 0.12% of Primo Brands as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in Primo Brands in the 4th quarter valued at $471,249,000. William Blair Investment Management LLC purchased a new position in Primo Brands during the fourth quarter worth about $343,451,000. JPMorgan Chase & Co. acquired a new stake in Primo Brands in the fourth quarter valued at about $122,757,000. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands in the fourth quarter valued at about $111,169,000. Finally, Geode Capital Management LLC purchased a new stake in Primo Brands in the 4th quarter valued at approximately $107,020,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Trading Down 2.5 %

Shares of PRMB stock traded down $0.83 during mid-day trading on Monday, reaching $32.56. The stock had a trading volume of 2,184,953 shares, compared to its average volume of 3,401,506. Primo Brands Co. has a 12-month low of $17.27 and a 12-month high of $35.85. 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 firm's 50-day moving average is $33.10. The firm has a market capitalization of $12.38 billion, a P/E ratio of 42.42, a P/E/G ratio of 0.78 and a beta of 0.82.

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Primo Brands (NYSE:PRMB - Get Free Report) last posted 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 negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. Research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.23%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRMB. Royal Bank of Canada increased their target price on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. Truist Financial began coverage on Primo Brands in a report on Friday. They issued a "buy" rating and a $42.00 target price for the company. Deutsche Bank Aktiengesellschaft upped their price target 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. TD Securities raised their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Six analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has a consensus rating of "Buy" and a consensus price target of $41.50.

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.