Primo Brands (NYSE:PRMB) Reaches New 1-Year High – Should You Buy?

Primo Brands Co. (NYSE:PRMB)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $32.40 and last traded at $32.44, with a volume of 734531 shares trading hands. The stock had previously closed at $32.13.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRMB. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 target price for the company. Finally, Royal Bank of Canada boosted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th.

Primo Brands Stock Performance

The stock has a fifty day moving average of $30.28. The firm has a market cap of $12.23 billion, a P/E ratio of 20.03, a PEG ratio of 0.76 and a beta of 1.09. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a $0.09 dividend. The ex-dividend date was Friday, November 22nd. This represents a $0.36 annualized dividend and a yield of 1.12%. Primo Brands’s dividend payout ratio is presently 22.36%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRMB. Green Alpha Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter worth about $835,000. Fulton Bank N.A. acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $669,000. Procyon Advisors LLC acquired a new position in Primo Brands in the fourth quarter worth $553,000. Finally, Rise Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter worth about $28,000. 87.71% of the stock is owned by institutional investors and hedge funds.

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.