William Blair Investment Management LLC Buys New Stake in Primo Brands Co. (NYSE:PRMB)

William Blair Investment Management LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 11,161,870 shares of the company’s stock, valued at approximately $343,451,000. Primo Brands makes up approximately 0.8% of William Blair Investment Management LLC’s investment portfolio, making the stock its 16th biggest position. William Blair Investment Management LLC owned about 2.94% of Primo Brands as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Primo Brands during the 4th quarter worth $111,169,000. KBC Group NV purchased a new stake in shares of Primo Brands in the fourth quarter valued at $49,585,000. Bank of New York Mellon Corp purchased a new stake in shares of Primo Brands in the fourth quarter valued at $40,563,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Primo Brands in the fourth quarter valued at $36,995,000. Finally, Levin Capital Strategies L.P. purchased a new stake in shares of Primo Brands in the fourth quarter valued at $34,763,000. 87.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on PRMB shares. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. TD Securities increased their price objective on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. 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. Finally, Royal Bank of Canada raised their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $41.40.

Primo Brands Trading Up 2.6 %

Shares of NYSE PRMB opened at $32.03 on Monday. The firm has a market cap of $12.17 billion, a price-to-earnings ratio of 37.74, 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. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.25. The business has a fifty day moving average of $32.58.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Equities research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

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

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.