Wellington Management Group LLP Takes Position in Primo Brands Co. (NYSE:PRMB)

Wellington Management Group LLP bought a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,410,879 shares of the company’s stock, valued at approximately $43,413,000. Wellington Management Group LLP owned about 0.37% of Primo Brands as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. acquired a new stake in Primo Brands during the 4th quarter worth approximately $471,249,000. William Blair Investment Management LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth $343,451,000. JPMorgan Chase & Co. bought a new stake in shares of Primo Brands in the fourth quarter valued at about $122,757,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at about $111,169,000. Finally, Pertento Partners LLP bought a new position in Primo Brands during the fourth quarter worth about $70,301,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PRMB shares. JPMorgan Chase & Co. boosted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. BMO Capital Markets initiated coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on 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 Primo Brands in a report on Friday. They set a “buy” rating and a $42.00 target price on the stock. Finally, TD Securities boosted their price target on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands currently has a consensus rating of “Buy” and a consensus price target of $41.50.

Primo Brands Stock Performance

Shares of PRMB opened at $33.41 on Friday. 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 Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a market cap of $12.70 billion, a price-to-earnings ratio of 42.42, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The firm has a fifty day simple moving average of $33.10.

Primo Brands (NYSE:PRMB) last issued its 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. As a group, research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.20%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

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.