DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Purchases New Shares in Primo Brands Co. (NYSE:PRMB)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 55,000 shares of the company’s stock, valued at approximately $1,692,000.

A number of other hedge funds have also recently added to or reduced their stakes in PRMB. Eminence Capital LP bought a new position in shares of Primo Brands in the fourth quarter worth about $145,670,000. Cresset Asset Management LLC bought a new position in Primo Brands in the 4th quarter worth approximately $269,000. Cetera Investment Advisers acquired a new position in Primo Brands during the 4th quarter worth $400,000. Bridgefront Capital LLC acquired a new stake in shares of Primo Brands in the 4th quarter valued at $449,000. Finally, Captrust Financial Advisors bought a new stake in shares of Primo Brands during the fourth quarter worth $287,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

Primo Brands stock opened at $31.95 on Friday. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 39.82, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The business’s 50 day moving average price is $32.95.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company’s revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, June 6th.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PRMB shares. Deutsche Bank Aktiengesellschaft raised 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. TD Securities started coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target for the company. JPMorgan Chase & Co. increased their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has a consensus rating of “Buy” and an average price target of $41.50.

About Primo Brands

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.