Cinctive Capital Management LP Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Cinctive Capital Management LP acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 446,057 shares of the company’s stock, valued at approximately $13,725,000. Primo Brands accounts for about 0.7% of Cinctive Capital Management LP’s investment portfolio, making the stock its 26th largest position. Cinctive Capital Management LP owned 0.12% of Primo Brands at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PRMB. Green Alpha Advisors LLC purchased a new stake in Primo Brands during the 4th quarter valued at approximately $835,000. PNC Financial Services Group Inc. purchased a new position in shares of Primo Brands during the fourth quarter valued at about $252,000. Fulton Bank N.A. bought a new stake in shares of Primo Brands in the fourth quarter worth about $669,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth about $111,169,000. Finally, Robeco Institutional Asset Management B.V. purchased a new position in Primo Brands during the 4th quarter valued at approximately $4,350,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

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

Primo Brands Stock Performance

Shares of PRMB stock opened at $35.22 on Wednesday. The business’s 50 day simple moving average is $32.99. The company has a market cap of $13.39 billion, a price-to-earnings ratio of 41.51, a P/E/G ratio of 0.78 and a beta of 1.10. 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 Co. has a 52-week low of $24.41 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 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 company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. As a group, sell-side analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

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.