Brown Brothers Harriman & Co. Buys Shares of 55,966 Primo Brands Co. (NYSE:PRMB)

Brown Brothers Harriman & Co. purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 55,966 shares of the company’s stock, valued at approximately $1,722,000.

Several other hedge funds have also made changes to their positions in PRMB. Rise Advisors LLC bought a new position in Primo Brands in the 4th quarter worth about $28,000. SRS Capital Advisors Inc. acquired a new position in Primo Brands during the 4th quarter valued at about $30,000. EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands during the 4th quarter worth about $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth approximately $33,000. Finally, R Squared Ltd bought a new position in shares of Primo Brands in the fourth quarter valued at approximately $42,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 2.5 %

Shares of Primo Brands stock opened at $35.30 on Friday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.39. The firm has a market capitalization of $13.42 billion, a price-to-earnings ratio of 41.51, a PEG ratio of 0.78 and a beta of 1.10. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock’s fifty day moving average is $32.88.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Analysts Set New Price Targets

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

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.