Knights of Columbus Asset Advisors LLC Takes $3.58 Million Position in Primo Brands Co. (NYSE:PRMB)

Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 116,342 shares of the company’s stock, valued at approximately $3,580,000.

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

Primo Brands Price Performance

Shares of NYSE:PRMB opened at $32.43 on Friday. The company has a market capitalization of $12.33 billion, a PE ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.25. The business’s 50 day moving average price is $32.68. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, sell-side analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.23%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th.

Analyst Ratings Changes

PRMB has been the subject of a number of research reports. JPMorgan Chase & Co. upped 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. BMO Capital Markets started coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. TD Securities upped their target price 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. Finally, Royal Bank of Canada upped their target price 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. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $41.40.

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.