Hillsdale Investment Management Inc. Invests $5.11 Million in Primo Brands Co. (NYSE:PRMB)

Hillsdale Investment Management Inc. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 166,050 shares of the company’s stock, valued at approximately $5,109,000.

Other hedge funds have also made changes to their positions in the company. Rise Advisors LLC acquired a new position in Primo Brands in the fourth quarter valued at $28,000. SRS Capital Advisors Inc. acquired a new position in Primo Brands in the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands in the fourth quarter valued at $30,000. Blue Trust Inc. acquired a new position in Primo Brands in the fourth quarter valued at $33,000. Finally, R Squared Ltd purchased a new position in Primo Brands in the fourth quarter valued at about $42,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $32.43 on Friday. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.25. The stock has a market capitalization of $12.33 billion, a price-to-earnings ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. 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 stock’s 50-day simple moving average is $32.68.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.58 billion. As a group, research analysts predict that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be issued a $0.10 dividend. 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 1.23%. The ex-dividend date of this dividend is Friday, March 7th.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. 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 report on Friday, February 21st. Royal Bank of Canada raised 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. Finally, TD Securities raised their price objective on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has an average rating of “Buy” and a consensus price target 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.