7,956 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 7,956 shares of the company's stock, valued at approximately $245,000.

Other hedge funds have also modified their holdings of the company. Rise Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter worth about $28,000. SRS Capital Advisors Inc. purchased a new stake in Primo Brands during the 4th quarter valued at approximately $30,000. EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $30,000. Blue Trust Inc. purchased a new position in shares of Primo Brands in the fourth quarter worth $33,000. Finally, R Squared Ltd purchased a new position in shares of Primo Brands in the fourth quarter worth $42,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Price Performance

Shares of NYSE:PRMB traded up $0.11 during trading on Wednesday, hitting $31.93. The company had a trading volume of 1,674,413 shares, compared to its average volume of 2,765,670. The company has a market cap of $12.14 billion, a PE ratio of 37.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a fifty day moving average price of $32.59. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly 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 company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, equities research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

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Primo Brands Increases Dividend

The company also recently declared 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 is Friday, March 7th. This is a boost 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 1.25%.

Analyst Upgrades and Downgrades

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

Primo Brands Company 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.