HBK Sorce Advisory LLC Buys Shares of 7,956 Primo Brands Co. (NYSE:PRMB)

HBK Sorce Advisory LLC acquired a new position in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,956 shares of the company’s stock, valued at approximately $245,000.

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

Primo Brands Price Performance

Shares of Primo Brands stock opened at $32.03 on Friday. The company has a market cap of $12.17 billion, a price-to-earnings ratio of 37.74, a PEG 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. The firm has a fifty day simple moving average of $32.58. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.25.

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

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be issued 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 dividend yield of 1.25%.

Analyst Ratings Changes

PRMB has been the topic of a number of research reports. BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. TD Securities boosted their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. 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 research report on Friday, February 21st. Royal Bank of Canada boosted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has a consensus rating of “Buy” and an average price target of $41.40.

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.