Gitterman Wealth Management LLC Buys New Position in Primo Brands Co. (NYSE:PRMB)

Gitterman Wealth Management LLC purchased a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 15,311 shares of the company's stock, valued at approximately $471,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRMB. Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $111,169,000. KBC Group NV acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $49,585,000. Bank of New York Mellon Corp acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $40,563,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $36,995,000. Finally, Levin Capital Strategies L.P. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $34,763,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRMB shares. Royal Bank of Canada upped their target price on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. BMO Capital Markets started coverage on Primo Brands in a research report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, TD Securities upped their price target on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands presently has an average rating of "Buy" and an average target price of $41.40.

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Primo Brands Stock Up 1.3 %

NYSE PRMB traded up $0.41 during trading hours on Thursday, hitting $32.38. The company had a trading volume of 2,171,266 shares, compared to its average volume of 2,758,575. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.25. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The business has a fifty day moving average of $32.61. The company has a market cap of $12.31 billion, a price-to-earnings ratio of 38.89, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Equities analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.24%. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

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.