8,090 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by AlphaQuest LLC

AlphaQuest LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 8,090 shares of the company’s stock, valued at approximately $249,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRMB. Rise Advisors LLC bought a new position in Primo Brands during the fourth quarter worth $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth approximately $30,000. Blue Trust Inc. acquired a new position in Primo Brands during the fourth quarter worth $33,000. R Squared Ltd acquired a new position in shares of Primo Brands during the fourth quarter valued at about $42,000. Finally, Amalgamated Bank bought a new stake in shares of Primo Brands during the fourth quarter worth about $166,000. 87.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective on the stock. TD Securities increased their target price on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. Royal Bank of Canada boosted their target price on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has an average rating of “Buy” and a consensus target price of $41.40.

Primo Brands Price Performance

Primo Brands stock opened at $32.03 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25. The company has a market capitalization of $12.17 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10. The stock has a fifty day moving average of $32.58.

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 analysts’ consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Sell-side analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.25%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. 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.