Corebridge Financial Inc. Invests $2.42 Million in Primo Brands Co. (NYSE:PRMB)

Corebridge Financial Inc. acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 78,497 shares of the company's stock, valued at approximately $2,415,000.

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

Primo Brands Trading Down 6.2 %

Shares of NYSE:PRMB traded down $2.22 during midday trading on Friday, hitting $33.41. The stock had a trading volume of 6,099,096 shares, compared to its average volume of 3,154,710. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. 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 price is $33.10. The stock has a market cap of $12.70 billion, a P/E ratio of 42.42, a PEG ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share 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 business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. As a group, equities analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

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Primo Brands Increases Dividend

The firm also recently disclosed 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. This represents a $0.40 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Primo Brands's previous quarterly dividend of $0.09.

Analyst Ratings Changes

A number of analysts recently issued reports on PRMB shares. BMO Capital Markets started coverage on Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. Finally, Truist Financial started coverage on Primo Brands in a report on Friday. They set a "buy" rating and a $42.00 price target on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $41.50.

Primo Brands Company 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.