Pamalican Asset Management Ltd Invests $4.62 Million in Primo Brands Co. (NYSE:PRMB)

Pamalican Asset Management Ltd bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 150,000 shares of the company's stock, valued at approximately $4,616,000. Primo Brands makes up 2.0% of Pamalican Asset Management Ltd's holdings, making the stock its 18th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cinctive Capital Management LP acquired a new position in Primo Brands in the fourth quarter valued at $13,725,000. Massachusetts Financial Services Co. MA acquired a new position in Primo Brands in the 4th quarter valued at about $3,203,000. Geode Capital Management LLC purchased a new stake in Primo Brands during the 4th quarter valued at approximately $107,020,000. National Bank of Canada FI acquired a new stake in Primo Brands during the 4th quarter worth approximately $148,000. Finally, Franklin Resources Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at approximately $290,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Up 3.9 %

Shares of PRMB stock traded up $1.27 during trading hours on Wednesday, hitting $34.08. 2,340,638 shares of the company were exchanged, compared to its average volume of 3,444,207. Primo Brands Co. has a 1 year low of $17.27 and a 1 year high of $35.85. 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 business's fifty day moving average price is $33.11. The stock has a market cap of $12.95 billion, a price-to-earnings ratio of 40.22, a PEG ratio of 0.78 and a beta of 0.82.

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Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Analysts expect that Primo Brands Co. will post 1.13 earnings per share 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 $0.10 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.17%. This is an increase from Primo Brands's previous quarterly dividend of $0.09.

Wall Street Analyst Weigh In

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

Primo Brands 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.