Madison Investment Advisors LLC Takes Position in Primo Brands Co. (NYSE:PRMB)

Madison Investment Advisors LLC acquired a new stake 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 fund acquired 171,234 shares of the company's stock, valued at approximately $5,269,000.

A number of other hedge funds also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands in the 4th quarter worth $111,169,000. KBC Group NV purchased a new stake in shares of Primo Brands during the fourth quarter worth about $49,585,000. Bank of New York Mellon Corp bought a new stake in Primo Brands during the 4th quarter valued at approximately $40,563,000. Charles Schwab Investment Management Inc. purchased a new position in Primo Brands in the 4th quarter worth approximately $36,995,000. Finally, Levin Capital Strategies L.P. bought a new position in Primo Brands in the 4th quarter worth approximately $34,763,000. 87.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. 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 research report on Friday, February 28th. BMO Capital Markets assumed coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. TD Securities boosted their target price on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Finally, Royal Bank of Canada raised their price target on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, January 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $41.40.

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Primo Brands Price Performance

Shares of Primo Brands stock traded down $0.43 on Tuesday, reaching $31.85. The company had a trading volume of 3,316,332 shares, compared to its average volume of 2,779,230. The firm has a market capitalization of $12.11 billion, a price-to-earnings ratio of 37.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. 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 firm's 50-day simple moving average is $32.59. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.25.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $1.58 billion. As a group, analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.26%. 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.