Primo Brands (NYSE:PRMB) Sets New 52-Week High – Time to Buy?

Primo Brands Co. (NYSE:PRMB)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $35.39 and last traded at $35.30, with a volume of 9883159 shares traded. The stock had previously closed at $34.45.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PRMB shares. Deutsche Bank Aktiengesellschaft raised their price target on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. 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 target price for the company. 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 report on Friday, February 21st. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Finally, TD Securities upped their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has a consensus rating of “Buy” and an average target price of $41.40.

Primo Brands Trading Up 2.5 %

The firm has a market capitalization of $13.42 billion, a PE ratio of 41.51, a PEG ratio of 0.78 and a beta of 1.10. 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’s fifty day moving average price is $32.88.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share 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 analysts’ expectations of $1.58 billion. Equities 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 announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a $0.10 dividend. The ex-dividend date was Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.13%.

Institutional Investors Weigh In On Primo Brands

A number of large investors have recently added to or reduced their stakes in PRMB. FMR LLC bought a new position in shares of Primo Brands during the 4th quarter valued at about $653,019,000. Vanguard Group Inc. purchased a new stake in Primo Brands in the fourth quarter worth approximately $471,249,000. William Blair Investment Management LLC bought a new position in Primo Brands during the fourth quarter valued at approximately $343,451,000. Eminence Capital LP purchased a new position in shares of Primo Brands during the fourth quarter worth approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $128,982,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

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.