14,776 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Cibc World Markets Corp

Cibc World Markets Corp purchased a new position in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 14,776 shares of the company’s stock, valued at approximately $455,000.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands during the 4th quarter worth about $111,169,000. KBC Group NV acquired a new stake in Primo Brands during the 4th quarter worth about $49,585,000. Bank of New York Mellon Corp acquired a new stake in Primo Brands during the 4th quarter worth about $40,563,000. Charles Schwab Investment Management Inc. acquired a new stake in Primo Brands during the 4th quarter worth about $36,995,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Primo Brands during the 4th quarter worth about $34,763,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

Shares of PRMB stock opened at $32.43 on Monday. The firm has a 50 day moving average of $32.68. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.25. The company has a market cap of $12.33 billion, a P/E ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share 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 company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal 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 paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th.

Analyst Ratings Changes

A number of brokerages have commented on PRMB. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. TD Securities raised their price objective on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. lifted 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. Deutsche Bank Aktiengesellschaft lifted their price target on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, Royal Bank of Canada lifted their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock 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.