Kornitzer Capital Management Inc. KS Purchases New Position in Primo Brands Co. (NYSE:PRMB)

Kornitzer Capital Management Inc. KS purchased a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 88,600 shares of the company’s stock, valued at approximately $2,726,000.

Other large investors have also recently added to or reduced their stakes in the company. Green Alpha Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at $835,000. Fulton Bank N.A. acquired a new stake in Primo Brands in the 4th quarter valued at $669,000. Robeco Institutional Asset Management B.V. acquired a new stake in Primo Brands in the 4th quarter valued at $4,350,000. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands in the 4th quarter valued at $111,169,000. Finally, Drive Wealth Management LLC acquired a new stake in Primo Brands in the 4th quarter valued at $241,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRMB has been the subject of several recent research reports. Royal Bank of Canada increased their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft started coverage on Primo Brands in a research note on Monday, November 18th. They set a “buy” rating and a $33.00 target price for the company. BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 target price for the company. Finally, TD Securities raised their target price on Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, January 27th.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $32.71 on Wednesday. The firm’s 50-day simple moving average is $31.96. 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 $12.41 billion, a P/E ratio of 20.31, a PEG ratio of 0.83 and a beta of 1.10. Primo Brands Co. has a 1-year low of $14.10 and a 1-year high of $34.14.

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.