KLP Kapitalforvaltning AS Makes New $975,000 Investment in Primo Brands Co. (NYSE:PRMB)

KLP Kapitalforvaltning AS purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 31,691 shares of the company's stock, valued at approximately $975,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRMB. Rise Advisors LLC purchased a new position in Primo Brands during the fourth quarter worth about $28,000. SRS Capital Advisors Inc. purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $30,000. Blue Trust Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $33,000. Finally, R Squared Ltd purchased a new stake in Primo Brands in the fourth quarter valued at approximately $42,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada lifted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. TD Securities boosted their price target on shares of Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. raised their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $41.40.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.83 on Thursday, reaching $35.58. 6,477,277 shares of the company were exchanged, compared to its average volume of 3,125,489. The stock's 50 day moving average is $33.09. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85. The company has a market capitalization of $13.53 billion, a P/E ratio of 42.42, a P/E/G ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. On average, research analysts predict 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 was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a $0.10 dividend. 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 yield of 1.12%.

Primo Brands 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.