Drive Wealth Management LLC Makes New $241,000 Investment in Primo Brands Co. (NYSE:PRMB)

Drive Wealth Management LLC bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,819 shares of the company's stock, valued at approximately $241,000.

Other large investors have also modified their holdings of the company. Dynamic Advisor Solutions LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $1,887,000. Green Alpha Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at $835,000. Fulton Bank N.A. purchased a new stake in shares of Primo Brands in the 4th quarter valued at $669,000. Procyon Advisors LLC acquired a new position in Primo Brands during the 4th quarter worth about $553,000. Finally, Nisa Investment Advisors LLC purchased a new position in Primo Brands during the 4th quarter valued at about $176,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PRMB shares. Royal Bank of Canada boosted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. BMO Capital Markets assumed coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. TD Securities raised their price target on shares of Primo Brands from $32.00 to $40.00 and gave the company a "buy" rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Primo Brands in a research note on Monday, November 18th. They issued a "buy" rating and a $33.00 price target for the company.

Primo Brands Price Performance

Shares of PRMB stock traded down $0.71 during trading hours on Friday, reaching $32.51. 1,212,459 shares of the stock were exchanged, compared to its average volume of 1,866,417. Primo Brands Co. has a 12-month low of $14.10 and a 12-month high of $33.65. The stock has a fifty day moving average price of $30.98. 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 has a market cap of $12.33 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 0.80 and a beta of 1.09.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.11%. Primo Brands's payout ratio is 27.95%.

Primo Brands Profile

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.