Primo Brands (NYSE:PRMB) Hits New 1-Year High – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRMB. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted 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. BMO Capital Markets began coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. TD Securities lifted their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Royal Bank of Canada upped 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has an average rating of “Buy” and an average price target of $41.40.

Primo Brands Trading Up 2.5 %

The company has a market cap of $13.42 billion, a P/E ratio of 39.04, a price-to-earnings-growth 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 has a 50 day moving average price of $32.83.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $1.58 billion. Equities research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at about $28,000. Fulton Bank N.A. acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $669,000. Green Alpha Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter worth approximately $835,000. Procyon Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $553,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands in the fourth quarter valued at approximately $176,000. 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.