William Blair Investment Management LLC Makes New $343.45 Million Investment in Primo Brands Co. (NYSE:PRMB)

William Blair Investment Management LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 11,161,870 shares of the company’s stock, valued at approximately $343,451,000. Primo Brands accounts for about 0.8% of William Blair Investment Management LLC’s investment portfolio, making the stock its 16th largest holding.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $111,169,000. KBC Group NV bought a new stake in Primo Brands during the 4th quarter valued at $49,585,000. Bank of New York Mellon Corp bought a new position in Primo Brands in the 4th quarter worth $40,563,000. Charles Schwab Investment Management Inc. bought a new position in Primo Brands in the 4th quarter worth $36,995,000. Finally, Levin Capital Strategies L.P. bought a new position in Primo Brands in the 4th quarter worth $34,763,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Trading Up 2.6 %

NYSE PRMB opened at $32.03 on Monday. The business has a 50-day moving average of $32.58. 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 capitalization of $12.17 billion, a PE ratio of 37.74, a PEG ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.25.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data 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 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%. As a group, sell-side analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be given a $0.10 dividend. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Friday, March 7th.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of recent research reports. Royal Bank of Canada lifted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. TD Securities lifted their price target 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 started coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus 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.