Pertento Partners LLP Purchases New Position in Primo Brands Co. (NYSE:PRMB)

Pertento Partners LLP acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, Holdings Channel.com reports. The fund acquired 2,284,719 shares of the company’s stock, valued at approximately $70,301,000. Primo Brands makes up about 6.0% of Pertento Partners LLP’s portfolio, making the stock its 2nd biggest holding.

Several other large investors also recently bought and sold shares of PRMB. Vanguard Group Inc. bought a new stake in Primo Brands during the fourth quarter valued at approximately $471,249,000. William Blair Investment Management LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at $343,451,000. JPMorgan Chase & Co. bought a new position in Primo Brands in the 4th quarter worth $122,757,000. Allspring Global Investments Holdings LLC purchased a new position in Primo Brands during the fourth quarter valued at $111,169,000. Finally, KBC Group NV bought a new stake in Primo Brands during the fourth quarter valued at about $49,585,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Trading Up 2.5 %

Shares of PRMB opened at $35.30 on Friday. The company’s fifty day moving average is $32.88. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock has a market capitalization of $13.42 billion, a price-to-earnings ratio of 39.04, a P/E/G ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.39.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data 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). The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a dividend of $0.10 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.13%. The ex-dividend date was Friday, March 7th.

Wall Street Analysts Forecast Growth

PRMB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised 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. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. TD Securities increased their price target 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 began coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective on the stock. Finally, Royal Bank of Canada raised their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $41.40.

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.