Hilton Capital Management LLC Purchases New Position in Primo Brands Co. (NYSE:PRMB)

Hilton Capital Management LLC bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 89,470 shares of the company’s stock, valued at approximately $2,753,000.

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

Analyst Upgrades and Downgrades

PRMB has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised their price target 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. Royal Bank of Canada boosted 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. 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. BMO Capital Markets initiated coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. Finally, TD Securities increased their price target on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $41.40.

Primo Brands Price Performance

PRMB opened at $31.30 on Friday. 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 stock’s 50 day moving average is $32.56. The company has a market cap of $11.90 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.25.

Primo Brands (NYSE:PRMB) last issued 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. As a group, sell-side analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.28%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09.

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.