State of New Jersey Common Pension Fund D Makes New Investment in Primo Brands Co. (NYSE:PRMB)

State of New Jersey Common Pension Fund D purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 107,232 shares of the company’s stock, valued at approximately $3,300,000.

Several other institutional investors also recently modified their holdings of PRMB. Rise Advisors LLC bought a new position in Primo Brands during the 4th quarter valued at about $28,000. Blue Trust Inc. purchased a new position in shares of Primo Brands during the fourth quarter valued at approximately $33,000. R Squared Ltd bought a new position in Primo Brands during the fourth quarter valued at approximately $42,000. Nisa Investment Advisors LLC purchased a new stake in Primo Brands in the fourth quarter worth approximately $176,000. Finally, Entropy Technologies LP bought a new stake in Primo Brands in the 4th quarter worth approximately $236,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Primo Brands Stock Performance

NYSE:PRMB opened at $32.77 on Thursday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The firm’s 50-day moving average is $32.02. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 0.80 and a beta of 1.10. Primo Brands Co. has a 52-week low of $14.10 and a 52-week high of $34.14.

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.