601,232 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Norges Bank

Norges Bank acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 601,232 shares of the company's stock, valued at approximately $18,500,000. Norges Bank owned 0.16% of Primo Brands at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rise Advisors LLC purchased a new stake in Primo Brands during the 4th quarter valued at $28,000. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands in the fourth quarter worth about $30,000. Blue Trust Inc. purchased a new position in Primo Brands during the 4th quarter valued at about $33,000. Finally, R Squared Ltd bought a new position in Primo Brands during the 4th quarter valued at approximately $42,000. Institutional investors own 87.71% of the company's stock.

Wall Street Analyst Weigh In

PRMB has been the topic of a number of recent analyst reports. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective on the stock. TD Securities began coverage on Primo Brands in a report on Tuesday. They issued a "buy" rating and a $48.00 price objective for the company. 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 target price for the company. Royal Bank of Canada increased their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $41.50.

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Primo Brands Price Performance

NYSE PRMB traded up $0.31 during trading hours on Friday, hitting $33.78. The company's stock had a trading volume of 5,650,827 shares, compared to its average volume of 3,237,725. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market capitalization of $12.84 billion, a P/E ratio of 40.22, a P/E/G ratio of 0.78 and a beta of 0.82. The stock has a 50 day moving average price of $33.18. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly 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). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.18%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date 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.