Pertento Partners LLP Makes New $70.30 Million Investment in Primo Brands Co. (NYSE:PRMB)

Pertento Partners LLP purchased a new stake in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,284,719 shares of the company’s stock, valued at approximately $70,301,000. Primo Brands comprises approximately 6.0% of Pertento Partners LLP’s holdings, making the stock its 2nd largest position. Pertento Partners LLP owned about 0.60% of Primo Brands as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. bought a new position in shares of Primo Brands during the 4th quarter worth approximately $471,249,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands during the 4th quarter valued at $343,451,000. JPMorgan Chase & Co. bought a new position in Primo Brands during the fourth quarter worth $122,757,000. Allspring Global Investments Holdings LLC bought a new stake in Primo Brands in the fourth quarter valued at $111,169,000. Finally, KBC Group NV bought a new position in shares of Primo Brands during the 4th quarter worth about $49,585,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. 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 note on Friday, February 21st. BMO Capital Markets began coverage on Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Royal Bank of Canada lifted their target price on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $41.40.

Primo Brands Stock Up 2.5 %

Shares of PRMB stock opened at $35.30 on Friday. The company has a market capitalization of $13.42 billion, a price-to-earnings ratio of 39.04, a P/E/G 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. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.39. The business’s 50-day moving average price is $32.88.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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%. As a group, research analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a $0.10 dividend. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.13%.

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.