3,989,501 Shares in Primo Brands Co. (NYSE:PRMB) Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,989,501 shares of the company’s stock, valued at approximately $122,757,000. JPMorgan Chase & Co. owned 1.05% of Primo Brands as of its most recent SEC filing.

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

Primo Brands Price Performance

NYSE:PRMB opened at $35.22 on Wednesday. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of 41.51, a P/E/G ratio of 0.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The business’s 50-day simple moving average is $32.99.

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

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.14%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Royal Bank of Canada boosted their price objective 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. 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 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, TD Securities raised their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has a consensus rating of “Buy” and an average target price 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.