Phoenix Financial Ltd. Buys Shares of 9,801 Primo Brands Co. (NYSE:PRMB)

Phoenix Financial Ltd. purchased a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,801 shares of the company's stock, valued at approximately $302,000.

A number of other institutional investors also recently bought and sold shares of PRMB. FMR LLC bought a new position in shares of Primo Brands in the 4th quarter worth approximately $653,019,000. Vanguard Group Inc. purchased a new stake in Primo Brands in the fourth quarter worth $471,249,000. William Blair Investment Management LLC bought a new position in Primo Brands in the fourth quarter worth $343,451,000. JPMorgan Chase & Co. purchased a new position in Primo Brands during the fourth quarter valued at $122,757,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Primo Brands during the fourth quarter valued at $111,169,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 1.6 %

PRMB stock traded up $0.53 during midday trading on Thursday, hitting $33.62. The company's stock had a trading volume of 666,351 shares, compared to its average volume of 3,216,795. The stock has a market capitalization of $12.78 billion, a P/E ratio of 40.33, a PEG ratio of 0.78 and a beta of 0.82. The business has a 50-day simple moving average of $33.19. Primo Brands Co. has a 12 month low of $24.41 and a 12 month 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.

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 the consensus estimate of $0.19 by ($0.08). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a dividend of $0.10 per share. This is an increase from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research reports. Truist Financial began coverage on shares of 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. raised their target price 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. Deutsche Bank Aktiengesellschaft boosted their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Royal Bank of Canada lifted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. Finally, BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target 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.