Xponance Inc. Buys Shares of 11,332 Primo Brands Co. (NYSE:PRMB)

Xponance Inc. purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,332 shares of the company’s stock, valued at approximately $349,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PRMB. Rise Advisors LLC purchased a new position in Primo Brands during the 4th quarter valued at about $28,000. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $33,000. Finally, R Squared Ltd purchased a new stake in Primo Brands in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Performance

Primo Brands stock opened at $34.41 on Friday. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $13.08 billion, a P/E ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.25. The firm has a 50 day moving average of $32.83.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Sell-side analysts predict that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.16%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PRMB shares. TD Securities boosted their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. BMO Capital Markets started coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target for the company. Royal Bank of Canada raised their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Finally, 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 report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average 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.