Wells Fargo & Company MN Takes Position in Primo Brands Co. (NYSE:PRMB)

Wells Fargo & Company MN bought a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 102,542 shares of the company’s stock, valued at approximately $3,155,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Rise Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter valued at about $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands in the 4th quarter valued at approximately $30,000. Blue Trust Inc. acquired a new stake in Primo Brands during the 4th quarter valued at $33,000. Finally, R Squared Ltd purchased a new position in Primo Brands during the fourth quarter worth $42,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Up 0.7 %

Shares of NYSE PRMB opened at $33.18 on Thursday. The stock has a market cap of $12.61 billion, a PE ratio of 39.87, a PEG ratio of 0.78 and a beta of 0.82. 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 company’s fifty day moving average is $33.16. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Equities research analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Wall Street Analyst Weigh In

PRMB has been the topic of several recent research reports. Royal Bank of Canada upped their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Truist Financial started coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. BMO Capital Markets began coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. Finally, JPMorgan Chase & Co. raised 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. Six analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has a consensus rating of “Buy” and an average target price of $41.50.

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.