Vanguard Group Inc. Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Vanguard Group Inc. purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 15,315,211 shares of the company's stock, valued at approximately $471,249,000. Vanguard Group Inc. owned approximately 4.04% of Primo Brands at the end of the most recent reporting period.

Several 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 shares of Primo Brands during the 4th quarter worth approximately $28,000. Fulton Bank N.A. purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $669,000. Green Alpha Advisors LLC bought a new stake in Primo Brands during the fourth quarter worth $835,000. Procyon Advisors LLC purchased a new position in Primo Brands in the fourth quarter worth $553,000. Finally, Nisa Investment Advisors LLC bought a new position in Primo Brands in the 4th quarter valued at $176,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PRMB shares. JPMorgan Chase & Co. raised their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Royal Bank of Canada boosted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 price target on the stock. Finally, TD Securities lifted their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $41.50.

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Primo Brands Stock Performance

Primo Brands stock traded down $2.22 during midday trading on Friday, reaching $33.41. 6,099,096 shares of the stock were exchanged, compared to its average volume of 3,154,710. The firm has a fifty day simple moving average of $33.10. 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 stock has a market cap of $12.70 billion, a price-to-earnings ratio of 42.42, 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 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%. On average, sell-side analysts anticipate 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. Investors of record on Friday, March 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.20%. 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.

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.