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

Shares of Primo Brands Co. (NYSE:PRMB) hit a new 52-week high during trading on Friday . The company traded as high as $35.39 and last traded at $35.30, with a volume of 9883159 shares trading hands. The stock had previously closed at $34.45.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Royal Bank of Canada upped 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. BMO Capital Markets started 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. Finally, TD Securities raised their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $41.40.

Primo Brands Stock Performance

The company has a market capitalization of $13.42 billion, a price-to-earnings ratio of 39.04, a P/E/G ratio of 0.78 and a beta of 1.10. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The business’s 50-day simple moving average is $32.83.

Primo Brands (NYSE:PRMB) last released its quarterly 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). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, research analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a $0.10 dividend. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.13%.

Institutional Trading of Primo Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rise Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter worth about $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the 4th quarter valued at about $33,000. Finally, R Squared Ltd bought a new position in shares of Primo Brands in the 4th quarter valued at about $42,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

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.