142,000 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Intact Investment Management Inc.

Intact Investment Management Inc. purchased a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 142,000 shares of the company's stock, valued at approximately $4,369,000.

Several other hedge funds have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Primo Brands in the 4th quarter worth approximately $111,169,000. KBC Group NV bought a new position in shares of Primo Brands during the 4th quarter worth approximately $49,585,000. Bank of New York Mellon Corp bought a new position in shares of Primo Brands during the 4th quarter worth approximately $40,563,000. Charles Schwab Investment Management Inc. bought a new position in shares of Primo Brands during the 4th quarter worth approximately $36,995,000. Finally, Levin Capital Strategies L.P. bought a new position in shares of Primo Brands during the 4th quarter worth approximately $34,763,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

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

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Primo Brands Stock Up 0.3 %

Shares of NYSE:PRMB traded up $0.11 during midday trading on Wednesday, reaching $31.93. The company's stock had a trading volume of 1,674,417 shares, compared to its average volume of 2,765,670. The firm has a market capitalization of $12.14 billion, a price-to-earnings ratio of 37.74, 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 $35.25. The firm has a fifty day moving average price of $32.59. 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 released its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The business had revenue of $1.40 billion during 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%. Sell-side 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 disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09.

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.