Harvest Fund Management Co. Ltd Invests $740,000 in Primo Brands Co. (NYSE:PRMB)

Harvest Fund Management Co. Ltd purchased a new position in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 24,039 shares of the company’s stock, valued at approximately $740,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Green Alpha Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at $835,000. Fulton Bank N.A. purchased a new position in Primo Brands during the fourth quarter valued at $669,000. Allspring Global Investments Holdings LLC bought a new stake in Primo Brands during the fourth quarter valued at about $111,169,000. Robeco Institutional Asset Management B.V. bought a new stake in Primo Brands during the fourth quarter valued at about $4,350,000. Finally, Principal Financial Group Inc. bought a new stake in Primo Brands during the fourth quarter valued at about $2,272,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Trading Up 1.3 %

Shares of PRMB stock opened at $32.38 on Friday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.25. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average price of $32.64. The company has a market capitalization of $12.31 billion, a PE ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last issued 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). 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 the consensus estimate of $1.58 billion. As a group, research analysts predict that Primo Brands Co. will post 1.13 EPS 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. Shareholders of record on Friday, March 7th will be paid a dividend of $0.10 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.24%. The ex-dividend date is Friday, March 7th.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PRMB. 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. TD Securities raised their price target on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. 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. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft raised 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. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $41.40.

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.