Heartland Advisors Inc. Buys New Stake in Primo Brands Co. (NYSE:PRMB)

Heartland Advisors Inc. bought a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 400,000 shares of the company’s stock, valued at approximately $12,308,000. Heartland Advisors Inc. owned about 0.11% of Primo Brands at the end of the most recent reporting period.

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

Primo Brands Stock Up 1.0 %

NYSE PRMB opened at $34.41 on Friday. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.25. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market capitalization of $13.08 billion, a PE ratio of 39.04, a P/E/G ratio of 0.78 and a beta of 1.10. The company has a 50-day simple moving average of $32.83.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data 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). The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.16%. The ex-dividend date was Friday, March 7th.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRMB. BMO Capital Markets started coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company. TD Securities increased their target price on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. 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 research note on Friday, February 28th. JPMorgan Chase & Co. raised their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Royal Bank of Canada boosted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus 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.