Bridgefront Capital LLC Buys New Stake in Primo Brands Co. (NYSE:PRMB)

Bridgefront Capital LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, HoldingsChannel reports. The fund purchased 14,585 shares of the company’s stock, valued at approximately $449,000.

Several other hedge funds have also made changes to their positions in the stock. FMR LLC acquired a new stake in Primo Brands during the fourth quarter worth $653,019,000. Vanguard Group Inc. acquired a new stake in Primo Brands during the 4th quarter valued at $471,249,000. William Blair Investment Management LLC bought a new position in shares of Primo Brands in the fourth quarter valued at about $343,451,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth approximately $128,982,000. Finally, JPMorgan Chase & Co. acquired a new position in Primo Brands during the 4th quarter worth $122,757,000. Institutional investors own 87.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. TD Securities initiated coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target 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. JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 target price on the stock. Six 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 price target of $41.50.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $33.06 on Wednesday. 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 firm has a 50-day moving average of $33.01. The company has a market cap of $12.57 billion, a PE ratio of 39.65, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results 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, sell-side analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

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

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.