Knights of Columbus Asset Advisors LLC Makes New $3.58 Million Investment in Primo Brands Co. (NYSE:PRMB)

Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 116,342 shares of the company’s stock, valued at approximately $3,580,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. William Blair Investment Management LLC purchased a new position in shares of Primo Brands in the 4th quarter worth approximately $343,451,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Primo Brands in the 4th quarter valued at $111,169,000. KBC Group NV purchased a new position in shares of Primo Brands in the 4th quarter valued at $49,585,000. Bank of New York Mellon Corp purchased a new position in shares of Primo Brands in the 4th quarter valued at $40,563,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Primo Brands during the 4th quarter worth $36,995,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 0.1 %

NYSE:PRMB opened at $32.43 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock’s fifty day moving average price is $32.68. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.25. The firm has a market capitalization of $12.33 billion, a PE ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last announced 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). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. On average, sell-side analysts expect that Primo Brands Co. will post 1.13 EPS 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. Shareholders 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 1.23%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft boosted 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 boosted their price target on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. BMO Capital Markets started 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. Royal Bank of Canada boosted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their price objective 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.com, Primo Brands has an average rating of “Buy” and a consensus price target of $41.40.

Primo Brands 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.