Martingale Asset Management L P Acquires Shares of 105,795 Primo Brands Co. (NYSE:PRMB)

Martingale Asset Management L P acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 105,795 shares of the company’s stock, valued at approximately $3,255,000.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter worth about $28,000. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands in the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter worth about $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the 4th quarter worth about $33,000. Finally, R Squared Ltd bought a new position in shares of Primo Brands in the 4th quarter worth about $42,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Up 3.4 %

NYSE PRMB opened at $33.92 on Thursday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The firm has a market capitalization of $12.89 billion, a PE ratio of 40.22, a PEG ratio of 0.78 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The company has a 50 day simple moving average of $33.16.

Primo Brands (NYSE:PRMB) last released 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). 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 the consensus estimate of $1.58 billion. As a group, equities analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.18%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Analyst Ratings Changes

A number of analysts recently weighed in on PRMB shares. TD Securities started coverage on shares of Primo Brands in a report on Tuesday. They issued a “buy” rating and a $48.00 price objective on the stock. Royal Bank of Canada increased their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Truist Financial started coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective on the stock. BMO Capital Markets started coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands presently has a consensus rating of “Buy” and a consensus target price of $41.50.

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.