Financial Advocates Investment Management Purchases Shares of 9,325 Primo Brands Co. (NYSE:PRMB)

Financial Advocates Investment Management acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,325 shares of the company's stock, valued at approximately $287,000.

Other hedge funds have also modified their holdings of the company. KBC Group NV purchased a new stake in Primo Brands during the 4th quarter valued at $49,585,000. Robeco Institutional Asset Management B.V. purchased a new stake in Primo Brands during the 4th quarter valued at $4,350,000. Strategic Blueprint LLC purchased a new stake in Primo Brands during the 4th quarter valued at $2,355,000. Dynamic Advisor Solutions LLC purchased a new stake in Primo Brands during the 4th quarter valued at $1,887,000. Finally, Green Alpha Advisors LLC purchased a new stake in Primo Brands during the 4th quarter valued at $835,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

PRMB stock traded up $0.20 during trading on Thursday, reaching $33.58. 1,610,002 shares of the company traded hands, compared to its average volume of 1,803,232. Primo Brands Co. has a 12 month low of $14.10 and a 12 month high of $34.14. The company's 50 day moving average price is $31.78. The company has a market capitalization of $12.74 billion, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRMB. BMO Capital Markets began coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price 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. Deutsche Bank Aktiengesellschaft began coverage on Primo Brands in a research note on Monday, November 18th. They issued a "buy" rating and a $33.00 target price on the stock. Finally, TD Securities increased their target price on Primo Brands from $32.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday, January 27th.

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.