Kornitzer Capital Management Inc. KS Acquires Shares of 88,600 Primo Brands Co. (NYSE:PRMB)

Kornitzer Capital Management Inc. KS bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 88,600 shares of the company's stock, valued at approximately $2,726,000.

A number of other large investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $111,169,000. KBC Group NV purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $49,585,000. Pinnbrook Capital Management LP purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $8,901,000. Rhumbline Advisers purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $7,962,000. Finally, Robeco Institutional Asset Management B.V. purchased a new position in Primo Brands in the 4th quarter valued at approximately $4,350,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Up 4.3 %

Shares of PRMB stock traded up $1.41 during mid-day trading on Friday, hitting $34.00. 3,780,785 shares of the company's stock were exchanged, compared to its average volume of 1,956,873. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $12.89 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 0.79 and a beta of 1.10. The company has a 50-day simple moving average of $32.04. Primo Brands Co. has a fifty-two week low of $14.10 and a fifty-two week high of $34.53.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results 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 firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a return on equity of 8.80% and a net margin of 13.63%. As a group, analysts anticipate that Primo Brands Co. will post 0.91 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be given a $0.10 dividend. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, March 7th. Primo Brands's dividend payout ratio (DPR) is 27.95%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PRMB shares. Royal Bank of Canada raised 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. 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 for the company. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. TD Securities increased their target price on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $40.00.

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.