Virtu Financial LLC Acquires New Stake in Primo Brands Co. (NYSE:PRMB)

Virtu Financial LLC acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 15,061 shares of the company’s stock, valued at approximately $463,000.

Other hedge funds have also added to or reduced their stakes in the company. Green Alpha Advisors LLC purchased a new position in shares of Primo Brands in the 4th quarter worth about $835,000. PNC Financial Services Group Inc. bought a new stake in Primo Brands during the 4th quarter valued at about $252,000. Fulton Bank N.A. purchased a new position in Primo Brands in the fourth quarter worth about $669,000. Allspring Global Investments Holdings LLC bought a new position in shares of Primo Brands in the fourth quarter worth approximately $111,169,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $4,350,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Performance

PRMB stock opened at $33.44 on Wednesday. The company has a market capitalization of $12.71 billion, a P/E ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The firm has a 50-day moving average price of $32.75. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.25.

Primo Brands (NYSE:PRMB) last issued 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). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Friday, March 7th. This is a boost from Primo Brands’s previous quarterly dividend of $0.09.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PRMB shares. JPMorgan Chase & Co. boosted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Royal Bank of Canada upped 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 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. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target 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.