US Bancorp DE Buys New Position in Primo Brands Co. (NYSE:PRMB)

US Bancorp DE bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 23,358 shares of the company's stock, valued at approximately $719,000.

A number of other institutional investors have also modified their holdings of the business. Rise Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter worth $28,000. Blue Trust Inc. purchased a new position in Primo Brands in the 4th quarter valued at about $33,000. R Squared Ltd acquired a new position in shares of Primo Brands during the 4th quarter valued at about $42,000. Amalgamated Bank acquired a new position in shares of Primo Brands during the 4th quarter valued at about $166,000. Finally, Nisa Investment Advisors LLC acquired a new stake in Primo Brands during the 4th quarter worth approximately $176,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Performance

Shares of NYSE PRMB traded up $0.81 during trading hours on Friday, hitting $32.03. The stock had a trading volume of 3,187,599 shares, compared to its average volume of 3,000,587. The firm has a market capitalization of $12.17 billion, a P/E ratio of 39.01, a P/E/G ratio of 0.78 and a beta of 1.10. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company's 50-day moving average price is $32.56. Primo Brands Co. has a 52 week low of $17.27 and a 52 week high of $35.25.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly 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). The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

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Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th.

Analysts Set New Price Targets

Several brokerages have issued reports on PRMB. BMO Capital Markets began coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. TD Securities increased their target price on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lifted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Finally, Royal Bank of Canada lifted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $41.40.

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.