Martingale Asset Management L P Invests $3.26 Million in Primo Brands Co. (NYSE:PRMB)

Martingale Asset Management L P acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 105,795 shares of the company's stock, valued at approximately $3,255,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRMB. FMR LLC purchased a new position in Primo Brands in the fourth quarter worth about $653,019,000. Vanguard Group Inc. purchased a new stake in Primo Brands during the 4th quarter valued at $471,249,000. William Blair Investment Management LLC bought a new stake in Primo Brands in the fourth quarter worth $343,451,000. JPMorgan Chase & Co. purchased a new position in Primo Brands during the fourth quarter worth $122,757,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Primo Brands in the fourth quarter valued at $111,169,000. 87.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PRMB has been the topic of several analyst reports. Truist Financial initiated coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. TD Securities initiated coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Royal Bank of Canada upped their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. Finally, BMO Capital Markets started coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $41.50.

Primo Brands Stock Performance

PRMB stock traded down $0.56 during trading on Tuesday, reaching $33.57. 950,673 shares of the company traded hands, compared to its average volume of 3,216,235. The company's 50 day moving average price is $33.19. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $12.76 billion, a P/E ratio of 40.33, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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). 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 during the quarter, compared to analysts' expectations of $1.58 billion. As a group, research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

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

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.