Sei Investments Co. Takes $10.55 Million Position in Primo Brands Co. (NYSE:PRMB)

Sei Investments Co. bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 342,783 shares of the company's stock, valued at approximately $10,548,000. Sei Investments Co. owned 0.09% of Primo Brands at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRMB. Rise Advisors LLC bought a new position in Primo Brands in the fourth quarter worth approximately $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth approximately $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. acquired a new stake in Primo Brands in the 4th quarter valued at $33,000. Finally, R Squared Ltd acquired a new stake in Primo Brands in the 4th quarter valued at $42,000. 87.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on PRMB shares. 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. BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Finally, TD Securities lifted their target price on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands presently has a consensus rating of "Buy" and a consensus price target of $41.40.

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Primo Brands Stock Down 0.8 %

PRMB stock traded down $0.27 during trading on Tuesday, reaching $35.22. The stock had a trading volume of 4,495,439 shares, compared to its average volume of 3,060,552. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The stock has a 50 day moving average price of $32.94. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. 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.

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

Primo Brands Increases Dividend

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

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.