258,757 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Rhumbline Advisers

Rhumbline Advisers purchased a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 258,757 shares of the company’s stock, valued at approximately $7,962,000. Rhumbline Advisers owned 0.07% of Primo Brands as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. acquired a new position in shares of Primo Brands during the fourth quarter valued at about $33,000. New York State Teachers Retirement System bought a new stake in Primo Brands in the 4th quarter valued at about $441,000. Vontobel Holding Ltd. acquired a new position in Primo Brands during the 4th quarter worth approximately $236,000. Allspring Global Investments Holdings LLC acquired a new position in Primo Brands during the 4th quarter worth approximately $111,169,000. Finally, Entropy Technologies LP bought a new position in Primo Brands in the fourth quarter worth approximately $236,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Trading Down 3.0 %

Shares of NYSE:PRMB opened at $33.75 on Wednesday. Primo Brands Co. has a 1-year low of $15.44 and a 1-year high of $35.25. 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 company has a market cap of $12.80 billion, a PE ratio of 41.05, a PEG ratio of 0.78 and a beta of 1.10. The company’s fifty day moving average is $32.23.

Primo Brands (NYSE:PRMB) last released 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 firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, sell-side analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders 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 1.19%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PRMB shares. Deutsche Bank Aktiengesellschaft began coverage on Primo Brands in a report on Monday, November 18th. They set a “buy” rating and a $33.00 price objective for the company. TD Securities boosted their price target on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $40.00.

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.