Skandinaviska Enskilda Banken AB publ Acquires Shares of 5,321 Primo Brands Co. (NYSE:PRMB)

Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, Holdings Channel reports. The fund bought 5,321 shares of the company’s stock, valued at approximately $163,000.

Several other large investors also recently modified their holdings of PRMB. Rise Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $28,000. Fulton Bank N.A. acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $669,000. Green Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $835,000. Procyon Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $553,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $176,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price target on 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 lifted their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note 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 target for the company. Royal Bank of Canada lifted their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their price target on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands presently has a consensus rating of “Buy” and an average target price of $41.40.

Primo Brands Stock Down 1.3 %

Shares of PRMB stock opened at $31.85 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 company has a 50 day moving average of $32.59. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.25. The firm has a market capitalization of $12.11 billion, a P/E ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently declared 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.26%. 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.

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.