Hillsdale Investment Management Inc. Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Hillsdale Investment Management Inc. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 166,050 shares of the company’s stock, valued at approximately $5,109,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. William Blair Investment Management LLC purchased a new position in shares of 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 4th quarter worth approximately $111,169,000. KBC Group NV purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $49,585,000. Bank of New York Mellon Corp purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $40,563,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $36,995,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. TD Securities increased their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective for the company. JPMorgan Chase & Co. raised their price objective 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, Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $41.40.

Primo Brands Stock Performance

Shares of NYSE:PRMB opened at $32.43 on Friday. The company’s fifty day moving average is $32.68. The firm has a market cap of $12.33 billion, a PE ratio of 38.89, a PEG ratio of 0.78 and a beta of 1.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The company 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 research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Primo Brands’s previous quarterly dividend of $0.09.

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.