Samjo Management LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Samjo Management LLC bought a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 325,330 shares of the company’s stock, valued at approximately $10,010,000. Primo Brands accounts for about 3.8% of Samjo Management LLC’s portfolio, making the stock its 7th largest holding. Samjo Management LLC owned 0.09% of Primo Brands as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. acquired a new position in Primo Brands during the 4th quarter valued at approximately $471,249,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands during the fourth quarter valued at $343,451,000. JPMorgan Chase & Co. bought a new position in shares of Primo Brands during the fourth quarter worth about $122,757,000. Allspring Global Investments Holdings LLC acquired a new position in Primo Brands during the 4th quarter valued at about $111,169,000. Finally, Geode Capital Management LLC bought a new position in Primo Brands in the 4th quarter worth about $107,020,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Performance

Primo Brands stock opened at $33.41 on Friday. The business has a 50 day moving average price of $33.10. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. 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 cap of $12.70 billion, a price-to-earnings ratio of 42.42, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB) last issued its 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). The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Equities analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a $0.10 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.20%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft lifted their price target on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective for the company. Royal Bank of Canada lifted 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. JPMorgan Chase & Co. upped their price target on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, TD Securities lifted their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has a consensus rating of “Buy” and a consensus price target of $41.50.

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.