Wellington Management Group LLP Acquires New Holdings in Primo Brands Co. (NYSE:PRMB)

Wellington Management Group LLP purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,410,879 shares of the company's stock, valued at approximately $43,413,000. Wellington Management Group LLP owned 0.37% of Primo Brands as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at $28,000. SRS Capital Advisors Inc. purchased a new position in Primo Brands during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at $30,000. Blue Trust Inc. purchased a new position in Primo Brands during the fourth quarter valued at $33,000. Finally, R Squared Ltd purchased a new position in shares of Primo Brands in the fourth quarter worth about $42,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of PRMB stock traded down $0.93 during trading on Thursday, reaching $32.99. The company's stock had a trading volume of 1,177,928 shares, compared to its average volume of 3,188,885. 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 firm has a market cap of $12.54 billion, a P/E ratio of 40.22, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company has a 50-day simple moving average of $33.16. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85.

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Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. On average, sell-side analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a $0.10 dividend. 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. This represents a $0.40 annualized dividend and a yield of 1.21%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Truist Financial assumed coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. 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 lifted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. BMO Capital Markets assumed coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft lifted 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. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $41.50.

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.