EverSource Wealth Advisors LLC Invests $30,000 in Primo Brands Co. (NYSE:PRMB)

EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, HoldingsChannel reports. The firm bought 982 shares of the company’s stock, valued at approximately $30,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Rise Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $28,000. SRS Capital Advisors Inc. acquired a new position in Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. purchased a new position in Primo Brands in the 4th quarter valued at about $33,000. R Squared Ltd acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $42,000. Finally, Amalgamated Bank purchased a new stake in shares of Primo Brands during the fourth quarter worth about $166,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Performance

Primo Brands stock opened at $32.38 on Friday. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.25. The business has a 50-day simple moving average of $32.64. 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 company has a market cap of $12.31 billion, a P/E ratio of 38.89, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last issued 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 during the quarter, compared to the consensus estimate of $1.58 billion. As a group, 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. Investors of record on Friday, March 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.24%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

Analysts Set New Price Targets

A number of brokerages recently commented on PRMB. JPMorgan Chase & Co. increased their price target on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Royal Bank of Canada lifted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. TD Securities upped their price target on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. BMO Capital Markets began coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has an average rating of “Buy” and an average 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.