5,000 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Clearstead Trust LLC

Clearstead Trust LLC purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,000 shares of the company’s stock, valued at approximately $154,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Primo Brands in the 4th quarter valued at approximately $111,169,000. KBC Group NV purchased a new position in shares of Primo Brands in the 4th quarter valued at approximately $49,585,000. Bank of New York Mellon Corp purchased a new position in shares of Primo Brands in the 4th quarter valued at approximately $40,563,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at approximately $36,995,000. Finally, Levin Capital Strategies L.P. purchased a new position in shares of Primo Brands in the 4th quarter valued at approximately $34,763,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PRMB shares. BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. 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 raised their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. TD Securities raised their price target on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. raised their price target on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Five research 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.

Primo Brands Price Performance

PRMB opened at $32.03 on Friday. The company has a 50 day simple moving average of $32.58. The firm has a market cap of $12.17 billion, a PE ratio of 37.74, a P/E/G 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. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

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 the consensus estimate 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 positive return on equity of 10.27% and a negative net margin of 2.74%. Research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, March 7th. 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 1.25%.

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.