Russell Investments Group Ltd. Invests $19.85 Million in Primo Brands Co. (NYSE:PRMB)

Russell Investments Group Ltd. bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 645,126 shares of the company's stock, valued at approximately $19,851,000. Russell Investments Group Ltd. owned approximately 0.17% of Primo Brands at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRMB. Vanguard Group Inc. bought a new position in Primo Brands during the 4th quarter worth about $471,249,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands during the fourth quarter worth about $343,451,000. JPMorgan Chase & Co. bought a new position in shares of Primo Brands during the fourth quarter worth about $122,757,000. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $111,169,000. Finally, Geode Capital Management LLC bought a new stake in Primo Brands in the 4th quarter valued at approximately $107,020,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PRMB shares. JPMorgan Chase & Co. lifted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. BMO Capital Markets initiated 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 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. Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, January 6th. Finally, Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands currently has a consensus rating of "Buy" and an average target price of $41.50.

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Primo Brands Stock Up 0.9 %

Shares of PRMB stock traded up $0.31 on Friday, reaching $33.78. The stock had a trading volume of 5,650,827 shares, compared to its average volume of 3,237,725. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of 40.22, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The stock's 50-day moving average price is $33.18. 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 (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $1.58 billion. On average, sell-side analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued 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 annualized dividend and a yield of 1.18%.

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.