Virtu Financial LLC Takes Position in Primo Brands Co. (NYSE:PRMB)

Virtu Financial LLC bought a new position in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 15,061 shares of the company’s stock, valued at approximately $463,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRMB. William Blair Investment Management LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth $343,451,000. Allspring Global Investments Holdings LLC bought a new position in Primo Brands in the 4th quarter worth $111,169,000. KBC Group NV purchased a new stake in Primo Brands in the 4th quarter worth $49,585,000. Bank of New York Mellon Corp bought a new stake in Primo Brands during the fourth quarter valued at about $40,563,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in shares of Primo Brands in the fourth quarter valued at about $36,995,000. Institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

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

Primo Brands Price Performance

Shares of PRMB opened at $33.44 on Wednesday. The business’s 50 day moving average price is $32.75. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.25. 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 has a market cap of $12.71 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data 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 business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, sell-side analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, March 7th.

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.