Dimensional Fund Advisors LP Takes Position in Primo Brands Co. (NYSE:PRMB)

Dimensional Fund Advisors LP bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,284,578 shares of the company's stock, valued at approximately $101,064,000. Dimensional Fund Advisors LP owned approximately 0.87% of Primo Brands at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

PRMB has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft increased their target price 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 started 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. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective on the stock. 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. Finally, Truist Financial began coverage on Primo Brands in a research note on Friday, April 4th. They issued 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.com, the company has an average rating of "Buy" and a consensus target price of $41.50.

Primo Brands Price Performance

PRMB opened at $32.41 on Monday. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85. The firm has a market cap of $12.32 billion, a PE ratio of 39.70, a P/E/G ratio of 0.78 and a beta of 0.82. The stock has a 50 day moving average price of $33.14. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

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). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Research analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm 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 dividend on an annualized basis and a yield of 1.23%. 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.

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