Summit Investment Advisors Inc. Buys New Shares in Primo Brands Co. (NYSE:PRMB)

Summit Investment Advisors Inc. purchased a new position in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,517 shares of the company’s stock, valued at approximately $508,000.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. 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 research note on Friday, February 28th. Royal Bank of Canada increased their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. JPMorgan Chase & Co. boosted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target for the company. Finally, Truist Financial initiated coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 target price for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $41.50.

Primo Brands Stock Performance

NYSE PRMB opened at $33.52 on Friday. The company has a market cap of $12.74 billion, a P/E ratio of 39.87, a P/E/G ratio of 0.78 and a beta of 0.82. The firm’s 50 day moving average is $33.20. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week 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.

Primo Brands (NYSE:PRMB) last released its earnings results 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 firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, equities analysts predict that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.19%. 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.

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.