451,824 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Legal & General Group Plc

Legal & General Group Plc bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 451,824 shares of the company's stock, valued at approximately $13,903,000. Legal & General Group Plc owned approximately 0.12% of Primo Brands as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Invesco Ltd. bought a new position in shares of Primo Brands in the fourth quarter valued at about $4,007,000. Bank of Montreal Can acquired a new position in shares of Primo Brands during the 4th quarter worth about $282,000. FMR LLC acquired a new stake in Primo Brands in the fourth quarter worth $653,019,000. Federated Hermes Inc. bought a new position in Primo Brands during the fourth quarter worth about $55,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Primo Brands during the 4th quarter valued at about $19,851,000. Institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft raised their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Royal Bank of Canada increased their price target on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, January 6th. BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. Truist Financial began coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $41.50.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.43 during trading hours on Friday, reaching $33.52. The company had a trading volume of 2,758,108 shares, compared to its average volume of 3,235,751. The business has a fifty day moving average price of $33.20. 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 one year low of $24.41 and a one year high of $35.85. The company has a market cap of $12.74 billion, a price-to-earnings ratio of 39.87, a PEG ratio of 0.78 and a beta of 0.82.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate 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, research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Primo Brands's previous quarterly dividend of $0.09.

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.