Royce & Associates LP Purchases New Position in Primo Brands Co. (NYSE:PRMB)

Royce & Associates LP acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 236,352 shares of the company’s stock, valued at approximately $7,273,000. Royce & Associates LP owned approximately 0.06% of Primo Brands at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth about $28,000. SRS Capital Advisors Inc. bought a new stake in Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth approximately $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the fourth quarter valued at approximately $33,000. Finally, R Squared Ltd acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $42,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Down 1.3 %

Shares of PRMB stock opened at $31.85 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. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.25. The firm has a market capitalization of $12.11 billion, a price-to-earnings ratio of 37.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The stock has a 50-day moving average price of $32.59.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Sell-side analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, March 7th. 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 1.26%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PRMB shares. Royal Bank of Canada raised their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft lifted their price target on 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 objective 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. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, BMO Capital Markets began coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $41.40.

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.