Charles Schwab Investment Management Inc. Buys Shares of 1,202,322 Primo Brands Co. (NYSE:PRMB)

Charles Schwab Investment Management Inc. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 1,202,322 shares of the company’s stock, valued at approximately $36,995,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in Primo Brands during the fourth quarter worth approximately $28,000. Fulton Bank N.A. acquired a new position in Primo Brands during the 4th quarter worth approximately $669,000. Green Alpha Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter valued at $835,000. Procyon Advisors LLC acquired a new stake in Primo Brands during the 4th quarter valued at approximately $553,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $176,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRMB. TD Securities boosted their target price on shares of 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 assumed coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. JPMorgan Chase & Co. upped their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Royal Bank of Canada lifted their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $41.40.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $32.03 on Friday. The firm 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 firm’s 50-day moving average price is $32.58. Primo Brands Co. has a 52-week low of $24.41 and a 52-week 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.

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 analysts’ consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, equities research 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 declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.25%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th.

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.