Prudential Financial Inc. Invests $2.46 Million in Primo Brands Co. (NYSE:PRMB)

Prudential Financial Inc. purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 80,029 shares of the company's stock, valued at approximately $2,462,000.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. purchased a new position in Primo Brands during the fourth quarter worth $471,249,000. William Blair Investment Management LLC purchased a new position in shares of Primo Brands during the 4th quarter worth about $343,451,000. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands in the fourth quarter worth $111,169,000. KBC Group NV bought a new stake in shares of Primo Brands during the fourth quarter worth $49,585,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Primo Brands during the fourth quarter valued at $40,563,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

NYSE PRMB traded down $0.28 during midday trading on Tuesday, hitting $32.71. 4,411,098 shares of the company traded hands, compared to its average volume of 3,188,603. The stock has a market capitalization of $12.43 billion, a P/E ratio of 40.22, a PEG ratio of 0.78 and a beta of 0.82. 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 52 week low of $24.41 and a 52 week high of $35.85. The firm has a 50-day simple moving average of $33.11.

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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 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 during the quarter, compared to the consensus estimate of $1.58 billion. On average, research analysts predict 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. Stockholders of record on Friday, March 7th were given a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This is an increase from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.22%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PRMB shares. BMO Capital Markets began coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Truist Financial initiated coverage on Primo Brands in a report on Friday. They set a "buy" rating and a $42.00 price objective on the stock. TD Securities began coverage on Primo Brands in a report on Tuesday. They issued a "buy" rating and a $48.00 target price for the company. Finally, JPMorgan Chase & Co. raised their price target on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands has a consensus rating of "Buy" and a consensus 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.