US Bancorp DE Acquires Shares of 23,358 Primo Brands Co. (NYSE:PRMB)

US Bancorp DE acquired a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 23,358 shares of the company’s stock, valued at approximately $719,000.

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

Primo Brands Stock Performance

Shares of PRMB stock opened at $30.02 on Tuesday. The company has a 50-day moving average price of $32.56. 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 has a market capitalization of $11.41 billion, a price-to-earnings ratio of 39.01, a PEG ratio of 0.78 and a beta of 1.10. 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 announced 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 firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Sell-side analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be issued a $0.10 dividend. The ex-dividend date is Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. JPMorgan Chase & Co. upped their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada upped their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, BMO Capital Markets began coverage on Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $41.40.

About Primo Brands

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.