Picton Mahoney Asset Management Purchases New Holdings in Primo Brands Co. (NYSE:PRMB)

Picton Mahoney Asset Management purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 40,282 shares of the company’s stock, valued at approximately $1,239,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Green Alpha Advisors LLC bought a new position in Primo Brands during the fourth quarter valued at $835,000. Fulton Bank N.A. bought a new position in Primo Brands during the fourth quarter valued at $669,000. Allspring Global Investments Holdings LLC bought a new position in Primo Brands during the fourth quarter valued at $111,169,000. Robeco Institutional Asset Management B.V. bought a new position in Primo Brands during the fourth quarter valued at $4,350,000. Finally, Principal Financial Group Inc. bought a new position in Primo Brands during the fourth quarter valued at $2,272,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on PRMB. JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. TD Securities raised their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Royal Bank of Canada raised their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $41.40.

Primo Brands Price Performance

Primo Brands stock opened at $32.03 on Friday. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25. The stock has a fifty day moving average of $32.58. 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 company has a market capitalization of $12.17 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data 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). The business had revenue of $1.40 billion for 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%. Sell-side analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be paid a dividend of $0.10 per share. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.25%.

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.