Federated Hermes Inc. Makes New $55,000 Investment in Primo Brands Co. (NYSE:PRMB)

Federated Hermes Inc. purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,781 shares of the company’s stock, valued at approximately $55,000.

A number of other large investors have also made changes to their positions in the company. Rise Advisors LLC bought a new stake in shares of Primo Brands during the fourth quarter worth $28,000. SRS Capital Advisors Inc. bought a new position in Primo Brands during the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands in the 4th quarter valued at about $30,000. Blue Trust Inc. bought a new stake in shares of Primo Brands in the fourth quarter valued at about $33,000. Finally, R Squared Ltd acquired a new position in shares of Primo Brands during the fourth quarter worth about $42,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

Primo Brands stock opened at $33.52 on Friday. 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 business’s 50-day moving average price is $33.20. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 39.87, a PEG ratio of 0.78 and a beta of 0.82. 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 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Primo Brands’s previous quarterly dividend of $0.09.

Wall Street Analyst Weigh In

PRMB has been the topic of several research reports. BMO Capital Markets assumed coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. Royal Bank of Canada raised their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target 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. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective for the company. Finally, TD Securities began coverage on Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 target price on the stock. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $41.50.

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.