24,039 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd purchased a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 24,039 shares of the company's stock, valued at approximately $740,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Green Alpha Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $835,000. Fulton Bank N.A. acquired a new stake in Primo Brands in the fourth quarter worth $669,000. PNC Financial Services Group Inc. bought a new stake in Primo Brands in the fourth quarter valued at $252,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands during the fourth quarter valued at $111,169,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of Primo Brands during the fourth quarter worth about $4,350,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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Primo Brands Stock Up 4.2 %

NYSE PRMB traded up $1.35 on Tuesday, reaching $33.44. 4,714,418 shares of the stock traded hands, compared to its average volume of 2,796,216. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.25. The company has a market capitalization of $12.71 billion, a P/E ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The stock's fifty day moving average price is $32.70. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. As a group, equities research analysts forecast 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. Investors of record on Friday, March 7th were issued a $0.10 dividend. This is an increase from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, March 7th.

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.