104,091 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA purchased a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 104,091 shares of the company's stock, valued at approximately $3,203,000.

Several other hedge funds have also recently modified their holdings of PRMB. Green Alpha Advisors LLC purchased a new position in Primo Brands in the fourth quarter valued at about $835,000. PNC Financial Services Group Inc. bought a new stake in shares of Primo Brands in the 4th quarter valued at about $252,000. Fulton Bank N.A. purchased a new position in shares of Primo Brands in the 4th quarter worth approximately $669,000. Allspring Global Investments Holdings LLC bought a new position in shares of Primo Brands during the 4th quarter worth approximately $111,169,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of Primo Brands during the 4th quarter worth approximately $4,350,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

PRMB traded up $0.31 on Friday, reaching $33.78. 5,650,827 shares of the stock were exchanged, compared to its average volume of 3,237,725. 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 firm's 50-day moving average is $33.18. The stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of 40.22, a PEG ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

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Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported $0.11 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 for the quarter, compared to analyst estimates of $1.58 billion. As a group, equities analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal 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 issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Friday, March 7th. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday. They issued a "buy" rating and a $48.00 price target on the stock. Royal Bank of Canada boosted their target price on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. Truist Financial started coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. JPMorgan Chase & Co. boosted their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upped 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. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has an average rating of "Buy" and a consensus target price of $41.50.

About Primo Brands

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.