Legal & General Group Plc Takes $13.90 Million Position in Primo Brands Co. (NYSE:PRMB)

Legal & General Group Plc acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 451,824 shares of the company’s stock, valued at approximately $13,903,000. Legal & General Group Plc owned about 0.12% of Primo Brands as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PRMB. Invesco Ltd. bought a new position in shares of Primo Brands during the fourth quarter valued at approximately $4,007,000. Bank of Montreal Can bought a new position in Primo Brands during the 4th quarter worth $282,000. FMR LLC acquired a new stake in Primo Brands in the fourth quarter worth $653,019,000. Federated Hermes Inc. bought a new stake in Primo Brands in the fourth quarter valued at $55,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of Primo Brands during the fourth quarter valued at $19,851,000. Institutional investors own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

PRMB has been the topic of several recent research reports. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. lifted their price target on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Royal Bank of Canada increased their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. Finally, Truist Financial started coverage on Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 price target for the company. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $41.50.

Primo Brands Price Performance

PRMB opened at $33.83 on Wednesday. The business has a 50 day moving average price of $33.20. 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 capitalization of $12.86 billion, a P/E ratio of 40.33, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data 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%. Equities analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

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

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.