Picton Mahoney Asset Management Purchases Shares of 40,282 Primo Brands Co. (NYSE:PRMB)

Picton Mahoney Asset Management purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, Holdings Channel reports. The firm purchased 40,282 shares of the company’s stock, valued at approximately $1,239,000.

Other large investors have also added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at about $28,000. SRS Capital Advisors Inc. purchased a new stake in Primo Brands during the fourth quarter valued at about $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at about $30,000. Blue Trust Inc. purchased a new stake in Primo Brands during the fourth quarter valued at about $33,000. Finally, R Squared Ltd purchased a new stake in Primo Brands during the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PRMB shares. TD Securities boosted their target price on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. Deutsche Bank Aktiengesellschaft boosted their target price on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Royal Bank of Canada boosted their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their target price on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has an average rating of “Buy” and an average price target of $41.40.

Primo Brands Price Performance

PRMB opened at $32.03 on Friday. The firm’s 50 day simple moving average is $32.58. The company has a market cap of $12.17 billion, a price-to-earnings ratio of 37.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. As a group, sell-side analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

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.