Drive Wealth Management LLC Invests $241,000 in Primo Brands Co. (NYSE:PRMB)

Drive Wealth Management LLC purchased a new position in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,819 shares of the company’s stock, valued at approximately $241,000.

Several other hedge funds have also recently modified their holdings of PRMB. Rise Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter worth $28,000. Fulton Bank N.A. purchased a new stake in Primo Brands during the fourth quarter valued at $669,000. Green Alpha Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at $835,000. Procyon Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at $553,000. Finally, Nisa Investment Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at $176,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PRMB. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Primo Brands in a research report on Monday, November 18th. They issued a “buy” rating and a $33.00 price target for the company. TD Securities upped their price target on Primo Brands from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th.

Primo Brands Stock Down 0.2 %

NYSE PRMB opened at $32.66 on Tuesday. The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 0.81 and a beta of 1.09. 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 stock has a 50-day simple moving average of $30.71. Primo Brands Co. has a twelve month low of $14.10 and a twelve month high of $33.65.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, November 22nd. Primo Brands’s dividend payout ratio (DPR) is 27.95%.

Primo Brands Company Profile

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.