King Luther Capital Management Corp Makes New $7.79 Million Investment in Primo Brands Co. (NYSE:PRMB)

King Luther Capital Management Corp bought a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 253,068 shares of the company’s stock, valued at approximately $7,787,000. King Luther Capital Management Corp owned about 0.07% of Primo Brands at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Primo Brands in the fourth quarter valued at approximately $1,336,000. Taika Capital LP bought a new position in shares of Primo Brands in the 4th quarter worth $752,000. AlphaQuest LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth $249,000. PNC Financial Services Group Inc. bought a new stake in Primo Brands in the fourth quarter valued at about $252,000. Finally, Global Alpha Capital Management Ltd. acquired a new position in Primo Brands in the fourth quarter valued at about $2,703,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Up 1.3 %

Shares of PRMB stock opened at $30.29 on Wednesday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.25. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock’s fifty day moving average is $32.55. The company has a market capitalization of $11.51 billion, a P/E ratio of 39.01, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

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 analysts’ consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for 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%. On average, equities analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRMB. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Royal Bank of Canada upped their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. lifted their price target on shares of 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 shares of Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective for the company. Finally, TD Securities boosted their target price on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price 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.