Xponance Inc. Acquires Shares of 11,332 Primo Brands Co. (NYSE:PRMB)

Xponance Inc. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 11,332 shares of the company’s stock, valued at approximately $349,000.

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

Primo Brands Trading Up 1.0 %

NYSE PRMB opened at $34.41 on Friday. The firm has a market cap of $13.08 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The stock’s 50 day simple moving average is $32.83. 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 current ratio of 2.18 and a quick ratio of 2.07.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Equities analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a $0.10 dividend. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.16%.

Analysts Set New Price Targets

PRMB has been the topic of a number of recent research reports. BMO Capital Markets began coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Royal Bank of Canada boosted their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. TD Securities upped their price objective on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lifted 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. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands currently has a consensus rating of “Buy” and a consensus target price 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.