451,824 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Legal & General Group Plc

Legal & General Group Plc bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, HoldingsChannel.com reports. The firm bought 451,824 shares of the company’s stock, valued at approximately $13,903,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC purchased a new stake in Primo Brands during the fourth quarter valued at about $653,019,000. Vanguard Group Inc. purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $471,249,000. William Blair Investment Management LLC acquired a new position in Primo Brands in the 4th quarter worth approximately $343,451,000. JPMorgan Chase & Co. purchased a new position in Primo Brands during the 4th quarter worth approximately $122,757,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands during the 4th quarter valued at $111,169,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Performance

Shares of PRMB opened at $33.83 on Wednesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market capitalization of $12.86 billion, a price-to-earnings ratio of 40.33, a PEG ratio of 0.78 and a beta of 0.82. The company’s 50 day simple moving average is $33.20. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.08). The business 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, sell-side analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PRMB shares. Royal Bank of Canada raised their target price on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. lifted their target price on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. TD Securities started coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target for the company. Truist Financial assumed coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $41.50.

Primo Brands 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.