Procyon Advisors LLC Takes Position in Primo Brands Co. (NYSE:PRMB)

Procyon Advisors LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 17,981 shares of the company's stock, valued at approximately $553,000.

Several other institutional investors have also added to or reduced their stakes in the company. Green Alpha Advisors LLC acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $835,000. Fulton Bank N.A. bought a new position in Primo Brands in the 4th quarter valued at approximately $669,000. Finally, Rise Advisors LLC acquired a new stake in Primo Brands in the fourth quarter valued at approximately $28,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PRMB shares. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Primo Brands in a research report on Monday, November 18th. They issued a "buy" rating and a $33.00 target price for the company. Finally, Royal Bank of Canada upped 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.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.51 during midday trading on Friday, reaching $32.77. The company had a trading volume of 1,674,304 shares, compared to its average volume of 2,628,728. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 0.76 and a beta of 1.09. The stock's fifty day moving average is $30.38. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a fifty-two week low of $14.10 and a fifty-two week high of $33.05.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Friday, November 22nd. Primo Brands's dividend payout ratio (DPR) is presently 22.36%.

Primo Brands Company Profile

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.