New York State Teachers Retirement System Invests $441,000 in Primo Brands Co. (NYSE:PRMB)

New York State Teachers Retirement System purchased a new position in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 14,336 shares of the company’s stock, valued at approximately $441,000.

A number of other institutional investors have also recently made changes to their positions in PRMB. Rise Advisors LLC purchased a new stake in Primo Brands in the 4th quarter valued at $28,000. R Squared Ltd purchased a new stake in Primo Brands in the 4th quarter valued at $42,000. Nisa Investment Advisors LLC purchased a new stake in Primo Brands in the 4th quarter valued at $176,000. Entropy Technologies LP purchased a new stake in Primo Brands in the 4th quarter valued at $236,000. Finally, Vontobel Holding Ltd. acquired a new position in shares of Primo Brands in the 4th quarter valued at $236,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Trading Up 2.1 %

PRMB opened at $34.77 on Tuesday. The business’s 50-day moving average price is $32.17. Primo Brands Co. has a 12-month low of $15.44 and a 12-month high of $35.25. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $13.19 billion, a price-to-earnings ratio of 41.05, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last posted 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 for the quarter, compared to analyst estimates of $1.58 billion. On average, research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.10 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.15%.

Analyst Upgrades and Downgrades

PRMB has been the topic of several recent analyst reports. 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 research note on Friday. TD Securities upped 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. Deutsche Bank Aktiengesellschaft initiated coverage on Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 price target on the stock. BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. Finally, Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $40.00.

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.