Corebridge Financial Inc. Purchases Shares of 78,497 Primo Brands Co. (NYSE:PRMB)

Corebridge Financial Inc. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 78,497 shares of the company’s stock, valued at approximately $2,415,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRMB. Rise Advisors LLC acquired a new stake in Primo Brands in the fourth quarter valued at approximately $28,000. Fulton Bank N.A. acquired a new stake in Primo Brands in the 4th quarter valued at $669,000. Green Alpha Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at $835,000. Procyon Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth $553,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of Primo Brands in the fourth quarter valued at $176,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Down 0.8 %

Shares of Primo Brands stock opened at $35.22 on Wednesday. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of 41.51, a P/E/G ratio of 0.78 and a beta of 1.10. 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’s fifty day simple moving average is $32.99. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. 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. Stockholders of record on Friday, March 7th were given a dividend of $0.10 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Friday, March 7th.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several recent research reports. TD Securities boosted their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. BMO Capital Markets assumed coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective for the company. 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 report on Friday, February 21st. Deutsche Bank Aktiengesellschaft increased their price target on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Royal Bank of Canada lifted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands has a consensus rating of “Buy” and an average target price of $41.40.

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.