Wellington Management Group LLP Takes Position in Primo Brands Co. (NYSE:PRMB)

Wellington Management Group LLP acquired a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, Holdings Channel.com reports. The fund acquired 1,410,879 shares of the company’s stock, valued at approximately $43,413,000.

A number of other large investors have also added to or reduced their stakes in PRMB. Rise Advisors LLC acquired a new position in Primo Brands in the 4th quarter valued at approximately $28,000. SRS Capital Advisors Inc. acquired a new stake in Primo Brands in the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands during the 4th quarter worth $30,000. Blue Trust Inc. acquired a new position in Primo Brands during the 4th quarter worth about $33,000. Finally, R Squared Ltd bought a new stake in shares of Primo Brands in the 4th quarter valued at about $42,000. Institutional investors own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Truist Financial assumed coverage on shares of Primo Brands in a research note on Friday. They issued a “buy” rating and a $42.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has a consensus rating of “Buy” and a consensus target price of $41.50.

Primo Brands Trading Down 6.2 %

NYSE:PRMB opened at $33.41 on Friday. The business has a fifty day moving average of $33.10. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The firm has a market capitalization of $12.70 billion, a PE ratio of 42.42, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion during 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%. Equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were issued a $0.10 dividend. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date 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.