Hilton Capital Management LLC Purchases New Stake in Primo Brands Co. (NYSE:PRMB)

Hilton Capital Management LLC purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 89,470 shares of the company's stock, valued at approximately $2,753,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Rise Advisors LLC acquired a new position in Primo Brands during the 4th quarter worth $28,000. SRS Capital Advisors Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth $30,000. EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth $33,000. Finally, R Squared Ltd bought a new stake in shares of Primo Brands in the 4th quarter worth $42,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Wall Street Analyst Weigh In

PRMB has been the topic of a number of research reports. 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 objective on the stock. JPMorgan Chase & Co. boosted 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 boosted their price objective on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Royal Bank of Canada boosted their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $41.40.

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Primo Brands Trading Down 1.3 %

Shares of Primo Brands stock traded down $0.43 on Tuesday, reaching $31.85. 3,316,332 shares of the company were exchanged, compared to its average volume of 2,779,230. The business has a fifty day simple moving average of $32.59. The stock has a market cap of $12.11 billion, a price-to-earnings 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 current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.25.

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

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.26%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is 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.