Xponance Inc. Makes New $349,000 Investment in Primo Brands Co. (NYSE:PRMB)

Xponance Inc. purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,332 shares of the company's stock, valued at approximately $349,000.

Other hedge funds have also made changes to their positions in the company. Rise Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $28,000. SRS Capital Advisors Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $30,000. EverSource Wealth Advisors LLC bought a new stake in Primo Brands during the 4th quarter valued at $30,000. Blue Trust Inc. bought a new stake in Primo Brands during the 4th quarter valued at $33,000. Finally, R Squared Ltd acquired a new position in Primo Brands during the 4th quarter worth $42,000. Institutional investors own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

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

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Primo Brands Stock Performance

NYSE PRMB traded up $0.27 on Monday, reaching $35.57. The company's stock had a trading volume of 6,662,777 shares, compared to its average volume of 3,045,451. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. 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 business has a 50 day moving average price of $32.94. The company has a market capitalization of $13.52 billion, a PE ratio of 41.51, a PEG ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB - Get Free Report) last released its 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). The business had revenue of $1.40 billion for 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%. Equities research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business 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. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.12%.

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.