National Bank of Canada FI Makes New $148,000 Investment in Primo Brands Co. (NYSE:PRMB)

National Bank of Canada FI acquired a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,812 shares of the company’s stock, valued at approximately $148,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PRMB. Franklin Resources Inc. purchased a new stake in shares of Primo Brands during the fourth quarter worth about $290,000. Alliancebernstein L.P. acquired a new stake in Primo Brands in the 4th quarter worth about $5,092,000. Wellington Management Group LLP purchased a new stake in Primo Brands during the 4th quarter worth approximately $43,413,000. O Shaughnessy Asset Management LLC acquired a new position in shares of Primo Brands during the fourth quarter valued at approximately $1,299,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Primo Brands in the fourth quarter valued at approximately $312,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Trading Up 0.9 %

Shares of PRMB stock opened at $33.78 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 twelve month low of $24.41 and a twelve month high of $35.85. The firm’s 50-day moving average price is $33.18. The firm has a market cap of $12.84 billion, a PE ratio of 40.22, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

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

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.18%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Analyst Ratings Changes

PRMB has been the subject of several research reports. JPMorgan Chase & Co. boosted their price target on 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 set an “outperform” rating and a $40.00 target price for the company. Royal Bank of Canada increased their target price 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. Truist Financial assumed coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their price objective 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has a consensus rating of “Buy” and a consensus price target of $41.50.

Primo Brands Company 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.