Cibc World Markets Corp Makes New $455,000 Investment in Primo Brands Co. (NYSE:PRMB)

Cibc World Markets Corp purchased a new position in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 14,776 shares of the company’s stock, valued at approximately $455,000.

Several other institutional investors also recently added to or reduced their stakes in PRMB. Rise Advisors LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands in the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands in the fourth quarter valued at $33,000. Finally, R Squared Ltd acquired a new position in shares of Primo Brands in the fourth quarter valued at $42,000. 87.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Royal Bank of Canada upped 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. TD Securities increased their target price 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 increased their target price on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands currently has a consensus rating of “Buy” and a consensus target price of $41.40.

Primo Brands Stock Up 0.1 %

Primo Brands stock opened at $32.43 on Monday. The firm has a 50-day moving average price of $32.68. The company 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 Co. has a 12-month low of $24.41 and a 12-month high of $35.25. 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 (NYSE:PRMB) last released its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share 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. As a group, sell-side analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

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.