Charles Schwab Investment Management Inc. Acquires Shares of 1,202,322 Primo Brands Co. (NYSE:PRMB)

Charles Schwab Investment Management Inc. acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,202,322 shares of the company’s stock, valued at approximately $36,995,000. Charles Schwab Investment Management Inc. owned about 0.32% of Primo Brands as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRMB. Rise Advisors LLC bought a new stake in shares of Primo Brands in the fourth quarter valued at about $28,000. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth $30,000. Blue Trust Inc. purchased a new stake in Primo Brands during the 4th quarter valued at about $33,000. R Squared Ltd acquired a new position in Primo Brands in the 4th quarter worth approximately $42,000. Finally, Amalgamated Bank acquired a new position in Primo Brands during the fourth quarter valued at $166,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Performance

PRMB opened at $32.03 on Friday. The stock has a market cap of $12.17 billion, a P/E ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10. 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 Co. has a one year low of $24.41 and a one year high of $35.25. The firm has a 50-day simple moving average of $32.58.

Primo Brands (NYSE:PRMB) last posted its earnings results 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 negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. As a group, analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PRMB. Royal Bank of Canada upped their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. BMO Capital Markets assumed 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. JPMorgan Chase & Co. increased their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. TD Securities increased their target price 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, 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 report on Friday, February 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands has an average rating of “Buy” and an average price target 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.