Madison Investment Advisors LLC Takes Position in Primo Brands Co. (NYSE:PRMB)

Madison Investment Advisors LLC bought a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 171,234 shares of the company’s stock, valued at approximately $5,269,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands during the fourth quarter worth approximately $111,169,000. KBC Group NV acquired a new stake in Primo Brands during the fourth quarter worth approximately $49,585,000. Bank of New York Mellon Corp acquired a new stake in Primo Brands during the fourth quarter worth approximately $40,563,000. Charles Schwab Investment Management Inc. acquired a new stake in Primo Brands during the fourth quarter worth approximately $36,995,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Primo Brands during the fourth quarter worth approximately $34,763,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

PRMB has been the topic of a number of analyst reports. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. Royal Bank of Canada raised their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft raised their target price on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $41.40.

Primo Brands Stock Performance

Shares of PRMB stock opened at $31.30 on Friday. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.25. The firm has a market cap of $11.90 billion, a P/E ratio of 39.01, a PEG ratio of 0.78 and a beta of 1.10. 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 firm has a fifty day simple moving average of $32.56.

Primo Brands (NYSE:PRMB) last announced its quarterly 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). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, equities analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.28%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th.

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.