Connor Clark & Lunn Investment Management Ltd. Buys Shares of 84,033 Primo Brands Co. (NYSE:PRMB)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 84,033 shares of the company’s stock, valued at approximately $2,586,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PRMB. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands during the 4th quarter worth approximately $111,169,000. KBC Group NV acquired a new position in shares of Primo Brands during the fourth quarter worth $49,585,000. Bank of New York Mellon Corp bought a new stake in shares of Primo Brands in the fourth quarter worth $40,563,000. Charles Schwab Investment Management Inc. acquired a new stake in Primo Brands in the fourth quarter valued at $36,995,000. Finally, Levin Capital Strategies L.P. bought a new position in Primo Brands during the 4th quarter worth $34,763,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Up 0.8 %

Shares of NYSE PRMB opened at $32.20 on Tuesday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.25. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market capitalization of $12.24 billion, a price-to-earnings ratio of 37.74, a PEG ratio of 0.78 and a beta of 1.10. The business’s fifty day moving average is $32.59.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. On average, equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be issued a $0.10 dividend. This is a boost 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 1.24%. The ex-dividend date of this dividend is Friday, March 7th.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PRMB. BMO Capital Markets started 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. TD Securities raised their price target on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note 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 company an “overweight” rating in a report on Friday, February 21st. Finally, Royal Bank of Canada increased their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $41.40.

Primo Brands 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.