3,587,264 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 3,587,264 shares of the company’s stock, valued at approximately $111,169,000.

Other hedge funds also recently modified their holdings of the company. Entropy Technologies LP bought a new stake in shares of Primo Brands during the 4th quarter valued at $236,000. Financial Advocates Investment Management bought a new stake in Primo Brands in the fourth quarter valued at about $287,000. Choreo LLC acquired a new position in Primo Brands in the fourth quarter valued at about $275,000. Strategic Blueprint LLC bought a new position in Primo Brands during the fourth quarter worth about $2,355,000. Finally, Robeco Institutional Asset Management B.V. acquired a new position in shares of Primo Brands during the 4th quarter worth about $4,350,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

NYSE PRMB opened at $33.40 on Thursday. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.67 billion, a PE ratio of 20.75, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10. The business’s 50 day simple moving average is $31.78. Primo Brands Co. has a 52-week low of $14.10 and a 52-week high of $34.14.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Primo Brands in a research report on Monday, November 18th. They issued a “buy” rating and a $33.00 price target on the stock. BMO Capital Markets began coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. Royal Bank of Canada boosted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Finally, TD Securities raised their price objective on Primo Brands from $32.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, January 27th.

Primo Brands Profile

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.