KBC Group NV Invests $49.59 Million in Primo Brands Co. (NYSE:PRMB)

KBC Group NV purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,611,484 shares of the company’s stock, valued at approximately $49,585,000. KBC Group NV owned 0.42% of Primo Brands at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PRMB. Dynamic Advisor Solutions LLC bought a new stake in shares of Primo Brands during the 4th quarter worth approximately $1,887,000. Green Alpha Advisors LLC bought a new stake in Primo Brands during the fourth quarter worth $835,000. Fulton Bank N.A. acquired a new stake in shares of Primo Brands in the 4th quarter valued at $669,000. Procyon Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter valued at $553,000. Finally, Drive Wealth Management LLC bought a new position in shares of Primo Brands in the 4th quarter valued at $241,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Primo Brands in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 price objective for the company. TD Securities raised their target price on shares of Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Monday. Finally, BMO Capital Markets began coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company.

Primo Brands Price Performance

NYSE:PRMB opened at $32.66 on Tuesday. Primo Brands Co. has a one year low of $14.10 and a one year high of $33.65. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $12.39 billion, a P/E ratio of 20.29, a PEG ratio of 0.81 and a beta of 1.09. The stock’s 50 day simple moving average is $30.71.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a $0.09 dividend. The ex-dividend date was Friday, November 22nd. This represents a $0.36 dividend on an annualized basis and a yield of 1.10%. Primo Brands’s payout ratio is 27.95%.

About Primo Brands

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.