Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 84,033 Primo Brands Co. (NYSE:PRMB)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 84,033 shares of the company’s stock, valued at approximately $2,586,000.

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

Analysts Set New Price Targets

PRMB has been the subject of a number of recent research reports. 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 report on Monday, January 6th. BMO Capital Markets began 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 on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. TD Securities raised their price objective on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. lifted their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands currently has a consensus rating of “Buy” and a consensus price target of $41.40.

Primo Brands Price Performance

Shares of PRMB opened at $32.20 on Tuesday. The company’s 50 day moving average price is $32.59. The firm has a market capitalization of $12.24 billion, a P/E ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25. 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 quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal 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 paid a $0.10 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.24%.

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.