New York State Teachers Retirement System Purchases Shares of 14,336 Primo Brands Co. (NYSE:PRMB)

New York State Teachers Retirement System purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 14,336 shares of the company’s stock, valued at approximately $441,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRMB. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands in the fourth quarter valued at about $111,169,000. KBC Group NV purchased a new position in shares of Primo Brands in the fourth quarter worth about $49,585,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of Primo Brands in the fourth quarter worth about $4,350,000. Strategic Blueprint LLC purchased a new position in shares of Primo Brands in the fourth quarter worth about $2,355,000. Finally, Dynamic Advisor Solutions LLC purchased a new position in shares of Primo Brands in the fourth quarter worth about $1,887,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Stock Up 2.1 %

Primo Brands stock opened at $34.77 on Tuesday. The firm has a market capitalization of $13.19 billion, a price-to-earnings ratio of 41.05, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 52 week low of $15.44 and a 52 week high of $35.25. The business’s 50-day moving average is $32.17. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS 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 business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Equities analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Friday, March 7th.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research analyst reports. BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective for the company. JPMorgan Chase & Co. raised 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. Royal Bank of Canada raised 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. TD Securities raised their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Primo Brands in a report on Monday, November 18th. They set a “buy” rating and a $33.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $40.00.

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.