Senator Investment Group LP Acquires Shares of 1,433,505 Primo Brands Co. (NYSE:PRMB)

Senator Investment Group LP purchased a new position 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 firm purchased 1,433,505 shares of the company's stock, valued at approximately $44,109,000. Primo Brands accounts for about 1.3% of Senator Investment Group LP's investment portfolio, making the stock its 28th largest position. Senator Investment Group LP owned approximately 0.38% of Primo Brands at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. FMR LLC purchased a new stake in Primo Brands during the fourth quarter valued at about $653,019,000. Vanguard Group Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at about $471,249,000. William Blair Investment Management LLC purchased a new stake in shares of Primo Brands during the 4th quarter worth about $343,451,000. JPMorgan Chase & Co. acquired a new stake in Primo Brands during the 4th quarter worth approximately $122,757,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Primo Brands in the fourth quarter valued at approximately $111,169,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PRMB. Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. 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 research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft upped their target price on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $41.50.

Primo Brands Stock Performance

Shares of NYSE PRMB traded down $0.02 during midday trading on Friday, reaching $32.41. 2,778,056 shares of the company's stock were exchanged, compared to its average volume of 3,481,819. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a 52-week low of $18.81 and a 52-week high of $35.85. The stock's fifty day moving average price is $33.14. The company has a market capitalization of $12.32 billion, a PE ratio of 39.70, a PEG ratio of 0.78 and a beta of 0.82.

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

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders 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 yield of 1.23%. This is an increase from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Primo Brands Company 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.