New York State Common Retirement Fund Acquires New Position in Primo Brands Co. (NYSE:PRMB)

New York State Common Retirement Fund bought a new position in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 857,496 shares of the company’s stock, valued at approximately $26,385,000. New York State Common Retirement Fund owned about 0.23% of Primo Brands as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $28,000. Fulton Bank N.A. bought a new stake in shares of Primo Brands in the 4th quarter worth $669,000. Green Alpha Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter worth $835,000. Procyon Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at $553,000. Finally, Nisa Investment Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter valued at $176,000. Institutional investors own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

PRMB has been the subject of a number of recent analyst reports. BMO Capital Markets started coverage on Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Primo Brands in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank of Canada boosted their target price 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. Finally, TD Securities raised their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has an average rating of “Buy” and an average price target of $40.00.

Primo Brands Trading Up 4.3 %

Shares of NYSE PRMB opened at $34.00 on Friday. Primo Brands Co. has a 12-month low of $14.10 and a 12-month high of $34.53. The company has a market capitalization of $12.89 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 0.79 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm’s 50 day simple moving average is $32.10.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate 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 return on equity of 8.80% and a net margin of 13.63%. Sell-side analysts predict that Primo Brands Co. will post 0.91 EPS for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a $0.10 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.18%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. Primo Brands’s dividend payout ratio (DPR) is 27.95%.

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.