1,576,253 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Northern Trust Corp

Northern Trust Corp bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,576,253 shares of the company’s stock, valued at approximately $48,501,000. Northern Trust Corp owned approximately 0.42% of Primo Brands as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

PRMB has been the topic of a number of analyst reports. 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. Truist Financial began coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 target price for the company. TD Securities assumed coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands has a consensus rating of “Buy” and a consensus price target of $41.50.

Primo Brands Stock Down 0.6 %

PRMB stock opened at $32.85 on Thursday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. The firm has a market cap of $12.49 billion, a PE ratio of 39.65, a PEG ratio of 0.78 and a beta of 0.83. The stock has a 50 day moving average of $33.00.

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 analysts’ consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations 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 expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.22%.

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.