Royce & Associates LP Acquires New Holdings in Primo Brands Co. (NYSE:PRMB)

Royce & Associates LP bought a new position in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 236,352 shares of the company’s stock, valued at approximately $7,273,000.

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

Primo Brands Stock Down 1.3 %

PRMB stock opened at $31.85 on Wednesday. The company has a market capitalization of $12.11 billion, a P/E ratio of 37.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.25. The company has a 50 day moving average of $32.59. 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 (NYSE:PRMB) last released its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, equities research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.26%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRMB. Royal Bank of Canada increased their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. BMO Capital Markets initiated coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price for the company. Deutsche Bank Aktiengesellschaft boosted 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 Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. upped their price target on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target 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.