T. Rowe Price Investment Management Inc. Takes $36.78 Million Position in Primo Brands Co. (NYSE:PRMB)

T. Rowe Price Investment Management Inc. bought a new position in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 1,195,172 shares of the company’s stock, valued at approximately $36,776,000. T. Rowe Price Investment Management Inc. owned approximately 0.32% of Primo Brands as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Rise Advisors LLC bought a new position in shares of Primo Brands in the fourth quarter valued at $28,000. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands in the 4th quarter valued at about $30,000. Blue Trust Inc. acquired a new position in Primo Brands during the 4th quarter valued at about $33,000. Finally, R Squared Ltd bought a new stake in Primo Brands during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Truist Financial started coverage on shares of Primo Brands in a report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Royal Bank of Canada boosted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Finally, TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands has a consensus rating of “Buy” and a consensus target price of $41.50.

Primo Brands Trading Down 0.1 %

NYSE:PRMB opened at $32.41 on Friday. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. 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 business has a 50 day moving average of $33.14. The company has a market cap of $12.32 billion, a PE ratio of 39.70, a PEG ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.58 billion. Research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were 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 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Friday, March 7th.

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.