King Luther Capital Management Corp Purchases Shares of 253,068 Primo Brands Co. (NYSE:PRMB)

King Luther Capital Management Corp acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 253,068 shares of the company’s stock, valued at approximately $7,787,000.

Several other hedge funds also recently modified their holdings of the stock. Rise Advisors LLC acquired a new position in Primo Brands during the fourth quarter valued at approximately $28,000. SRS Capital Advisors Inc. bought a new stake in shares of Primo Brands during the 4th quarter worth approximately $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $33,000. R Squared Ltd bought a new position in shares of Primo Brands in the fourth quarter valued at $42,000. Finally, Amalgamated Bank acquired a new position in Primo Brands during the fourth quarter worth $166,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Trading Up 1.3 %

NYSE:PRMB opened at $30.29 on Wednesday. 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 business’s 50 day moving average price is $32.55. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.25. The firm has a market cap of $11.51 billion, a PE ratio of 39.01, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results 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. As a group, sell-side analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders 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 a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.32%.

Wall Street Analysts Forecast Growth

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

Primo Brands Company 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.