Gitterman Wealth Management LLC Acquires New Shares in Primo Brands Co. (NYSE:PRMB)

Gitterman Wealth Management LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 15,311 shares of the company’s stock, valued at approximately $471,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Green Alpha Advisors LLC bought a new stake in shares of Primo Brands in the fourth quarter valued at about $835,000. Fulton Bank N.A. purchased a new position in Primo Brands in the fourth quarter valued at about $669,000. Allspring Global Investments Holdings LLC purchased a new position in Primo Brands in the fourth quarter valued at about $111,169,000. Robeco Institutional Asset Management B.V. purchased a new position in Primo Brands in the fourth quarter valued at about $4,350,000. Finally, Principal Financial Group Inc. purchased a new position in Primo Brands in the fourth quarter valued at about $2,272,000. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Primo Brands Stock Up 2.6 %

Shares of NYSE PRMB opened at $32.03 on Friday. The firm has a 50 day moving average price of $32.58. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.25. 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 (NYSE:PRMB) last issued 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). 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 analysts’ expectations of $1.58 billion. As a group, research analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. The ex-dividend date is Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%.

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.