William Blair Investment Management LLC Acquires New Position in Primo Brands Co. (NYSE:PRMB)

William Blair Investment Management LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 11,161,870 shares of the company's stock, valued at approximately $343,451,000. Primo Brands comprises 0.8% of William Blair Investment Management LLC's investment portfolio, making the stock its 16th biggest position. William Blair Investment Management LLC owned about 2.94% of Primo Brands at the end of the most recent quarter.

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

Primo Brands Stock Performance

Shares of PRMB stock traded up $0.03 during mid-day trading on Friday, reaching $32.43. 4,341,566 shares of the company were exchanged, compared to its average volume of 2,776,025. The company has a market capitalization of $12.33 billion, a P/E ratio of 38.89, a P/E/G ratio of 0.78 and a beta of 1.10. The company has a 50 day moving average price of $32.64. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.25.

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Primo Brands (NYSE:PRMB - Get Free Report) last released its 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be given a $0.10 dividend. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.23%.

Analyst Upgrades and Downgrades

PRMB has been the topic of several research reports. TD Securities raised their price objective on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, February 21st. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a 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 objective on the stock. Finally, Royal Bank of Canada upped their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has an average rating of "Buy" and a consensus 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.