Plato Investment Management Ltd Takes Position in Primo Brands Co. (NYSE:PRMB)

Plato Investment Management Ltd purchased a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,902 shares of the company’s stock, valued at approximately $368,000.

Other institutional investors have also made changes to their positions in the company. SRS Capital Advisors Inc. bought a new position in Primo Brands in the 4th quarter worth approximately $30,000. Levin Capital Strategies L.P. acquired a new stake in shares of Primo Brands in the fourth quarter worth $34,763,000. US Bancorp DE bought a new position in Primo Brands during the fourth quarter worth $719,000. Oppenheimer Asset Management Inc. bought a new position in Primo Brands during the fourth quarter worth $452,000. Finally, Los Angeles Capital Management LLC acquired a new position in Primo Brands during the 4th quarter valued at $241,000. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. TD Securities boosted their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. JPMorgan Chase & Co. boosted their price target on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, BMO Capital Markets initiated coverage on Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $41.40.

Primo Brands Price Performance

Primo Brands stock opened at $33.21 on Wednesday. The stock’s 50 day moving average is $32.45. 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 company has a market cap of $12.60 billion, a P/E ratio of 40.77, a PEG ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a one year low of $16.09 and a one year high of $35.25.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). The firm had revenue of $1.40 billion during 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%. Equities analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.10 per share. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.20%.

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.