166,050 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 166,050 shares of the company's stock, valued at approximately $5,109,000.

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

Analyst Upgrades and Downgrades

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

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Primo Brands Stock Performance

Shares of Primo Brands stock traded up $0.90 on Tuesday, hitting $32.99. 1,676,619 shares of the company traded hands, compared to its average volume of 3,006,375. Primo Brands Co. has a 52 week low of $17.27 and a 52 week high of $35.25. The company's 50-day moving average price is $32.70. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The firm has a market cap of $12.54 billion, a PE ratio of 39.04, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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). The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Research analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given 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 1.21%. The ex-dividend date was Friday, March 7th.

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.