Zurcher Kantonalbank Zurich Cantonalbank Invests $1.34 Million in Primo Brands Co. (NYSE:PRMB)

Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 43,407 shares of the company’s stock, valued at approximately $1,336,000.

Several other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in Primo Brands during the 4th quarter valued at approximately $111,169,000. KBC Group NV acquired a new position in Primo Brands during the 4th quarter valued at approximately $49,585,000. Bank of New York Mellon Corp acquired a new position in Primo Brands during the 4th quarter valued at approximately $40,563,000. Charles Schwab Investment Management Inc. acquired a new position in Primo Brands during the 4th quarter valued at approximately $36,995,000. Finally, Levin Capital Strategies L.P. acquired a new position in Primo Brands during the 4th quarter valued at approximately $34,763,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Performance

PRMB opened at $31.85 on Wednesday. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25. 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 has a fifty day moving average price of $32.59. The company has a market cap of $12.11 billion, a P/E ratio of 37.74, a PEG ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last posted 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 during the quarter, compared to the consensus estimate of $1.58 billion. On average, equities research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.26%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. 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. 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 target price on the stock. 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. 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. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has a consensus rating of “Buy” and an average target price of $41.40.

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.