Peak6 LLC Buys New Position in Primo Brands Co. (NYSE:PRMB)

Peak6 LLC purchased a new position in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 14,334 shares of the company’s stock, valued at approximately $441,000.

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

Primo Brands Stock Up 1.3 %

NYSE PRMB opened at $33.52 on Monday. The company has a 50 day simple moving average of $33.20. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The firm has a market capitalization of $12.74 billion, a PE ratio of 39.87, a PEG ratio of 0.78 and a beta of 0.82. 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 (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.58 billion. As a group, equities analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.19%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective for the company. TD Securities began coverage on Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Royal Bank of Canada increased their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $41.50.

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.