Fmr LLC Buys Shares of 21,222,593 Primo Brands Co. (NYSE:PRMB)

FMR LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 21,222,593 shares of the company's stock, valued at approximately $653,019,000. FMR LLC owned approximately 5.60% of Primo Brands as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

PRMB has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective for the company. Truist Financial began coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. Finally, Royal Bank of Canada increased their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has a consensus rating of "Buy" and a consensus price target of $41.50.

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Primo Brands Stock Up 0.7 %

Shares of NYSE:PRMB traded up $0.23 during trading on Monday, reaching $34.01. 358,082 shares of the company traded hands, compared to its average volume of 3,211,150. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a market capitalization of $12.93 billion, a price-to-earnings ratio of 40.33, a PEG ratio of 0.78 and a beta of 0.82. The business's 50 day moving average price is $33.18.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed 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. This is an increase from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Friday, March 7th.

Primo Brands 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.