Peak6 LLC Buys Shares of 14,334 Primo Brands Co. (NYSE:PRMB)

PEAK6 LLC bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 14,334 shares of the company's stock, valued at approximately $441,000.

Other institutional investors have also made changes to their positions in the company. Green Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth $835,000. PNC Financial Services Group Inc. bought a new stake in Primo Brands in the 4th quarter valued at about $252,000. Fulton Bank N.A. acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $669,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $111,169,000. Finally, Sei Investments Co. acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $10,548,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Primo Brands Price Performance

PRMB stock traded down $0.02 during trading on Friday, reaching $32.41. 1,405,546 shares of the company were exchanged, compared to its average volume of 3,228,969. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The company has a market capitalization of $12.32 billion, a P/E ratio of 39.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The business's 50-day moving average is $33.14.

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 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 the consensus estimate of $1.58 billion. On average, analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Primo Brands's previous quarterly dividend of $0.09.

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.