Madison Investment Advisors LLC Buys Shares of 171,234 Primo Brands Co. (NYSE:PRMB)

Madison Investment Advisors LLC bought a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 171,234 shares of the company’s stock, valued at approximately $5,269,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rise Advisors LLC acquired a new position in shares of Primo Brands during the fourth quarter worth about $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands during the fourth quarter worth about $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth about $33,000. Finally, R Squared Ltd acquired a new position in shares of Primo Brands during the fourth quarter worth about $42,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Down 0.1 %

NYSE:PRMB opened at $31.30 on Friday. 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 company has a 50 day simple moving average of $32.56. The company has a market capitalization of $11.90 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.25.

Primo Brands (NYSE:PRMB) last released 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). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Equities research analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be paid a $0.10 dividend. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.28%.

Analyst Ratings Changes

Several analysts recently issued reports on PRMB shares. TD Securities upped their target price on 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 target price on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. upped their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Royal Bank of Canada upped their target price on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Finally, BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands presently has a consensus rating of “Buy” and an average 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.