Alyeska Investment Group L.P. Makes New $31.33 Million Investment in Primo Brands Co. (NYSE:PRMB)

Alyeska Investment Group L.P. acquired a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, HoldingsChannel reports. The fund acquired 1,018,236 shares of the company’s stock, valued at approximately $31,331,000.

Other institutional investors also recently modified their holdings of the company. FMR LLC bought a new position in Primo Brands during the fourth quarter worth about $653,019,000. 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 worth approximately $343,451,000. Fuller & Thaler Asset Management Inc. bought a new stake in Primo Brands in the 4th quarter valued at $128,982,000. Finally, JPMorgan Chase & Co. acquired a new stake in Primo Brands during the 4th quarter valued at $122,757,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Trading Up 0.4 %

NYSE PRMB opened at $33.04 on Friday. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $12.56 billion, a P/E ratio of 39.65, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The company has a 50 day simple moving average of $33.04. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. On average, equities research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.21%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. TD Securities started coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective on the stock. BMO Capital Markets assumed coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective for the company. Royal Bank of Canada increased 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, Deutsche Bank Aktiengesellschaft boosted their price target on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $41.50.

Primo Brands 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.