Heartland Advisors Inc. Takes Position in Primo Brands Co. (NYSE:PRMB)

Heartland Advisors Inc. bought a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 400,000 shares of the company's stock, valued at approximately $12,308,000. Heartland Advisors Inc. owned approximately 0.11% of Primo Brands at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

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

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Primo Brands Price Performance

Shares of PRMB stock traded down $0.05 during trading hours on Tuesday, hitting $35.44. The stock had a trading volume of 2,100,841 shares, compared to its average volume of 3,036,757. The stock has a 50 day moving average price of $32.94. The company has a market capitalization of $13.47 billion, a price-to-earnings ratio of 41.51, a PEG ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. 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 (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $1.58 billion. As a group, equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business 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 represents a $0.40 dividend on an annualized basis and a yield of 1.13%. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date 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.