Pertento Partners LLP Acquires Shares of 2,284,719 Primo Brands Co. (NYSE:PRMB)

Pertento Partners LLP bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,284,719 shares of the company's stock, valued at approximately $70,301,000. Primo Brands comprises 6.0% of Pertento Partners LLP's investment portfolio, making the stock its 2nd biggest position. Pertento Partners LLP owned about 0.60% of Primo Brands as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rise Advisors LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth about $28,000. Fulton Bank N.A. purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $669,000. Green Alpha Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $835,000. Procyon Advisors LLC purchased a new stake in Primo Brands in the fourth quarter valued at approximately $553,000. Finally, Nisa Investment Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth $176,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Trading Down 0.8 %

Shares of PRMB stock traded down $0.27 on Tuesday, reaching $35.22. 4,484,375 shares of the stock were exchanged, compared to its average volume of 3,060,552. The stock has a market cap of $13.39 billion, a P/E ratio of 41.51, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The company's 50 day moving average price is $32.94. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85.

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Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data 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 negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. Equities research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a $0.10 dividend. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.14%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. lifted their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. TD Securities upped their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, 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 target price for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $41.40.

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.