35,593 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Claret Asset Management Corp

Claret Asset Management Corp bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 35,593 shares of the company's stock, valued at approximately $1,095,000.

Several other institutional investors have also recently bought and sold shares of the business. FMR LLC acquired a new position in Primo Brands in the 4th quarter worth about $653,019,000. Vanguard Group Inc. bought a new stake in shares of Primo Brands during the fourth quarter worth about $471,249,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at approximately $343,451,000. JPMorgan Chase & Co. bought a new position in Primo Brands in the 4th quarter valued at approximately $122,757,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Primo Brands during the 4th quarter worth approximately $111,169,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target on the stock. TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. lifted 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. Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Finally, Royal Bank of Canada boosted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands currently has an average rating of "Buy" and a consensus target price of $41.50.

Primo Brands Stock Performance

Shares of Primo Brands stock traded down $0.84 on Thursday, hitting $32.35. The company had a trading volume of 1,583,732 shares, compared to its average volume of 3,471,333. Primo Brands Co. has a 1 year low of $18.66 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's 50 day simple moving average is $33.16. The firm has a market capitalization of $12.30 billion, a PE ratio of 39.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.11 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 company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Equities analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

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.