Summit Investment Advisors Inc. Acquires Shares of 16,517 Primo Brands Co. (NYSE:PRMB)

Summit Investment Advisors Inc. purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 16,517 shares of the company’s stock, valued at approximately $508,000.

A number of other large investors have also recently modified their holdings of the company. Rise Advisors LLC bought a new stake in Primo Brands during the 4th quarter valued at $28,000. Fulton Bank N.A. bought a new stake in shares of Primo Brands in the fourth quarter valued at about $669,000. Green Alpha Advisors LLC purchased a new stake in Primo Brands in the fourth quarter worth about $835,000. Procyon Advisors LLC bought a new position in Primo Brands during the 4th quarter worth about $553,000. Finally, Nisa Investment Advisors LLC purchased a new position in Primo Brands during the 4th quarter valued at about $176,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PRMB shares. BMO Capital Markets started coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company. JPMorgan Chase & Co. upped their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted 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 began coverage on Primo Brands in a research note on Tuesday, April 8th. They set a “buy” rating and a $48.00 price objective for the company. Finally, Royal Bank of Canada lifted their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands presently has a consensus rating of “Buy” and an average price target of $41.50.

Primo Brands Trading Up 1.3 %

NYSE:PRMB opened at $33.52 on Friday. 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 Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The stock has a market cap of $12.74 billion, a P/E ratio of 39.87, a PEG ratio of 0.78 and a beta of 0.82. The stock’s 50 day moving average is $33.20.

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 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 analyst estimates of $1.58 billion. As a group, analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm 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 represents a $0.40 annualized dividend and a yield of 1.19%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

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.