31,691 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 31,691 shares of the company's stock, valued at approximately $975,000.

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

Primo Brands Stock Performance

Shares of NYSE PRMB traded down $0.27 during mid-day trading on Tuesday, reaching $35.22. The company had a trading volume of 4,495,439 shares, compared to its average volume of 3,060,552. The firm has a market capitalization of $13.39 billion, a PE ratio of 41.51, a PEG 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 twelve month low of $24.41 and a twelve month high of $35.85. The stock has a 50 day simple moving average of $32.94.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). The business 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, sell-side analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

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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 issued a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This is a boost 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 1.14%.

Analyst Upgrades and Downgrades

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

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.