Skandinaviska Enskilda Banken AB publ Buys Shares of 5,321 Primo Brands Co. (NYSE:PRMB)

Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,321 shares of the company’s stock, valued at approximately $163,000.

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

Primo Brands Trading Down 1.3 %

Shares of PRMB opened at $31.85 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock has a market cap of $12.11 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10. The business has a fifty day moving average price of $32.59. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.25.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data 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 negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Sell-side analysts predict 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 will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 7th. 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 1.26%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PRMB shares. Deutsche Bank Aktiengesellschaft increased their price target on 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 increased their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. increased their target price 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 research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $41.40.

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.