Heartland Advisors Inc. Takes Position in Primo Brands Co. (NYSE:PRMB)

Heartland Advisors Inc. purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 400,000 shares of the company’s stock, valued at approximately $12,308,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rise Advisors LLC bought a new stake in shares of Primo Brands during the fourth quarter worth $28,000. SRS Capital Advisors Inc. acquired a new position in Primo Brands during the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new stake in Primo Brands during the 4th quarter worth about $30,000. Blue Trust Inc. acquired a new stake in Primo Brands in the 4th quarter valued at about $33,000. Finally, R Squared Ltd bought a new position in shares of Primo Brands in the fourth quarter worth about $42,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Trading Up 1.0 %

Shares of PRMB opened at $34.41 on Friday. 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 $13.08 billion, a PE ratio of 39.04, a P/E/G ratio of 0.78 and a beta of 1.10. The stock’s 50-day moving average is $32.83. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.25.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, equities analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.16%. 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.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted their target price on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective for the company. Finally, TD Securities upped their target price on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average 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.