Easterly Investment Partners LLC Acquires Shares of 44,041 Primo Brands Co. (NYSE:PRMB)

Easterly Investment Partners LLC bought a new position in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 44,041 shares of the company’s stock, valued at approximately $1,355,000.

Other large investors have also recently made changes to their positions in the company. Blair William & Co. IL bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $1,435,000. JPMorgan Chase & Co. purchased a new stake in shares of Primo Brands in the 4th quarter worth $122,757,000. WINTON GROUP Ltd purchased a new stake in shares of Primo Brands in the 4th quarter worth $770,000. Neumeier Poma Investment Counsel LLC bought a new position in shares of Primo Brands during the 4th quarter worth $32,960,000. Finally, Prudential Financial Inc. bought a new stake in shares of Primo Brands in the fourth quarter valued at about $2,462,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRMB has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. TD Securities upped their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. Royal Bank of Canada upped their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has an average rating of “Buy” and an average target price of $41.40.

Primo Brands Price Performance

Primo Brands stock opened at $34.41 on Friday. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.25. The stock has a fifty day simple moving average of $32.83. 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 firm has a market cap of $13.08 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last issued 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). The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. On average, equities research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend was Friday, March 7th.

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.