Primo Brands (NYSE:PRMB) Sets New 52-Week High – What’s Next?

Primo Brands Co. (NYSE:PRMB) shares hit a new 52-week high on Wednesday . The stock traded as high as $34.14 and last traded at $33.49, with a volume of 141763 shares. The stock had previously closed at $33.11.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. TD Securities increased their price objective on shares of Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Primo Brands in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 target price for the company. Finally, BMO Capital Markets initiated coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company.

Primo Brands Stock Up 0.2 %

The business’s 50 day simple moving average is $31.25. 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 firm has a market cap of $12.58 billion, a PE ratio of 20.62, a P/E/G ratio of 0.80 and a beta of 1.10.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Friday, November 22nd. Primo Brands’s dividend payout ratio is currently 27.95%.

Hedge Funds Weigh In On Primo Brands

Several large investors have recently made changes to their positions in PRMB. Rise Advisors LLC bought a new position in shares of Primo Brands in the fourth quarter valued at $28,000. Blue Trust Inc. acquired a new position in shares of Primo Brands in the 4th quarter worth $33,000. R Squared Ltd acquired a new stake in shares of Primo Brands during the fourth quarter worth $42,000. Amalgamated Bank purchased a new stake in shares of Primo Brands during the fourth quarter valued at $166,000. Finally, Nisa Investment Advisors LLC acquired a new position in shares of Primo Brands in the 4th quarter valued at $176,000. Institutional investors own 87.71% of the company’s stock.

About Primo Brands

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.