Levin Capital Strategies L.P. Invests $34.76 Million in Primo Brands Co. (NYSE:PRMB)

Levin Capital Strategies L.P. bought a new position in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,129,770 shares of the company’s stock, valued at approximately $34,763,000. Primo Brands makes up approximately 3.3% of Levin Capital Strategies L.P.’s portfolio, making the stock its 4th largest holding. Levin Capital Strategies L.P. owned 0.30% of Primo Brands as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PRMB. Rise Advisors LLC bought a new position in Primo Brands during the 4th quarter valued at approximately $28,000. Blue Trust Inc. bought a new position in Primo Brands during the 4th quarter valued at approximately $33,000. R Squared Ltd bought a new position in Primo Brands during the 4th quarter valued at approximately $42,000. Amalgamated Bank bought a new position in Primo Brands during the 4th quarter valued at approximately $166,000. Finally, Nisa Investment Advisors LLC bought a new position in Primo Brands during the 4th quarter valued at approximately $176,000. Institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PRMB. 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 report on Monday, January 6th. BMO Capital Markets initiated 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. Deutsche Bank Aktiengesellschaft lifted their target price on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday. TD Securities lifted their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. lifted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $41.40.

Primo Brands Price Performance

PRMB stock opened at $33.70 on Friday. The stock has a market cap of $12.78 billion, a P/E ratio of 40.77, a P/E/G ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 1 year low of $16.09 and a 1 year high of $35.25. 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 business has a fifty day moving average price of $32.41.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results 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). The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a $0.10 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, March 7th.

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.