Virtu Financial LLC Makes New $463,000 Investment in Primo Brands Co. (NYSE:PRMB)

Virtu Financial LLC bought a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 15,061 shares of the company's stock, valued at approximately $463,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. William Blair Investment Management LLC bought a new position in shares of Primo Brands during the fourth quarter valued at $343,451,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth about $111,169,000. KBC Group NV bought a new position in Primo Brands during the 4th quarter valued at about $49,585,000. Bank of New York Mellon Corp acquired a new position in Primo Brands in the fourth quarter valued at about $40,563,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in Primo Brands during the fourth quarter worth about $36,995,000. Institutional investors own 87.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. BMO Capital Markets started coverage on Primo Brands in a research report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target on the stock. TD Securities increased their target price on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Royal Bank of Canada lifted their price target on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, January 6th. JPMorgan Chase & Co. increased 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, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands currently has a consensus rating of "Buy" and an average price target of $41.40.

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Primo Brands Trading Up 2.5 %

Shares of NYSE:PRMB traded up $0.85 during trading on Friday, hitting $35.30. 9,883,604 shares of the company's stock traded hands, compared to its average volume of 3,006,962. The firm has a 50-day simple moving average of $32.88. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.39. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $13.42 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 quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). The company had revenue of $1.40 billion during the quarter, compared to analyst estimates 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, 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 disclosed 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 1.13%. This is an increase 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.