Fmr LLC Takes $653.02 Million Position in Primo Brands Co. (NYSE:PRMB)

Fmr LLC purchased a new position in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, Holdings Channel.com reports. The firm purchased 21,222,593 shares of the company’s stock, valued at approximately $653,019,000. Fmr LLC owned about 0.06% of Primo Brands at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRMB. Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a “buy” rating and a $42.00 price target on the stock. Royal Bank of Canada raised their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. TD Securities began coverage on Primo Brands in a research note on Tuesday. They set a “buy” rating and a $48.00 price target for the company. JPMorgan Chase & Co. raised their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Finally, BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands currently has an average rating of “Buy” and an average price target of $41.50.

Primo Brands Stock Performance

Shares of NYSE:PRMB opened at $32.71 on Wednesday. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $12.43 billion, a P/E ratio of 40.22, a P/E/G ratio of 0.78 and a beta of 0.82. The company has a 50-day simple moving average of $33.11.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 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 business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. As a group, equities analysts predict that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.22%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. 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.