Sei Investments Co. Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Sei Investments Co. bought a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 342,783 shares of the company’s stock, valued at approximately $10,548,000. Sei Investments Co. owned 0.09% of Primo Brands as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PRMB shares. Royal Bank of Canada raised their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. TD Securities raised their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. upped 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $41.40.

Primo Brands Stock Performance

PRMB stock opened at $35.30 on Friday. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.39. The stock has a market cap of $13.42 billion, a price-to-earnings ratio of 41.51, a PEG ratio of 0.78 and a beta of 1.10. The firm’s 50 day moving average price is $32.88. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations 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 predict 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 was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

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.