Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 84,033 shares of the company's stock, valued at approximately $2,586,000.
A number of other institutional investors have also made changes to their positions in PRMB. Rise Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $28,000. SRS Capital Advisors Inc. bought a new stake in shares of Primo Brands in the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter worth $30,000. Blue Trust Inc. bought a new position in Primo Brands during the fourth quarter worth $33,000. Finally, R Squared Ltd acquired a new position in Primo Brands during the 4th quarter valued at $42,000. 87.71% of the stock is currently owned by institutional investors.
Primo Brands Stock Up 0.1 %
PRMB traded up $0.03 during midday trading on Friday, reaching $32.43. 4,323,987 shares of the company's stock were exchanged, compared to its average volume of 2,776,025. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company's 50-day moving average is $32.64. The company has a market cap of $12.33 billion, a price-to-earnings ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25.
Primo Brands (NYSE:PRMB - Get Free Report) last posted its 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.
Primo Brands Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.23%. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th.
Wall Street Analyst Weigh In
PRMB has been the topic of several research analyst reports. BMO Capital Markets started coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target on the stock. JPMorgan Chase & Co. lifted 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. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. TD Securities lifted their price objective on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Finally, Royal Bank of Canada upped their target price on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $41.40.
Get Our Latest Research Report on Primo Brands
Primo Brands Company Profile
(
Free Report)
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.
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