21,716 Shares in Primo Brands Co. (NYSE:PRMB) Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA acquired a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 21,716 shares of the company’s stock, valued at approximately $668,000.

Several other large investors have also recently made changes to their positions in PRMB. Green Alpha Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $835,000. PNC Financial Services Group Inc. purchased a new position in shares of Primo Brands during the 4th quarter valued at $252,000. Fulton Bank N.A. bought a new position in shares of Primo Brands during the 4th quarter worth $669,000. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands in the 4th quarter worth about $111,169,000. Finally, Robeco Institutional Asset Management B.V. bought a new stake in Primo Brands in the 4th quarter valued at about $4,350,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

Primo Brands stock opened at $33.00 on Tuesday. The company has a market capitalization of $12.55 billion, a PE ratio of 42.42, a P/E/G ratio of 0.78 and a beta of 0.82. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The stock has a fifty day moving average price of $33.11. 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 announced its 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 business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Sell-side analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current 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 given a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.21%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Royal Bank of Canada lifted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. 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 research report on Friday, February 28th. TD Securities lifted their price target on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands currently has an average rating of “Buy” and a consensus price target of $41.50.

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.