1,611,484 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by KBC Group NV

KBC Group NV acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,611,484 shares of the company's stock, valued at approximately $49,585,000. KBC Group NV owned 0.42% of Primo Brands as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Green Alpha Advisors LLC acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $835,000. Fulton Bank N.A. acquired a new position in Primo Brands during the fourth quarter worth $669,000. Drive Wealth Management LLC purchased a new position in shares of Primo Brands during the fourth quarter worth $241,000. Dynamic Advisor Solutions LLC purchased a new position in shares of Primo Brands during the fourth quarter worth $1,887,000. Finally, Procyon Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at $553,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Down 2.1 %

Primo Brands stock traded down $0.71 during midday trading on Friday, reaching $32.51. The company's stock had a trading volume of 1,294,749 shares, compared to its average volume of 1,866,417. The stock's 50-day moving average is $30.98. The stock has a market cap of $12.33 billion, a P/E ratio of 20.19, a P/E/G ratio of 0.80 and a beta of 1.09. Primo Brands Co. has a fifty-two week low of $14.10 and a fifty-two week high of $33.65. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Friday, November 22nd. Primo Brands's dividend payout ratio (DPR) is 27.95%.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of research analyst reports. TD Securities raised their target price on Primo Brands from $32.00 to $40.00 and gave the company a "buy" rating in a report on Monday. Royal Bank of Canada upped their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on Primo Brands in a research note on Monday, November 18th. They issued a "buy" rating and a $33.00 price objective on the stock.

Primo Brands Profile

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.