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

Shares of Primo Brands Co. (NYSE:PRMB) reached a new 52-week high on Wednesday . The stock traded as high as $33.65 and last traded at $33.00, with a volume of 1510972 shares trading hands. The stock had previously closed at $32.79.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Primo Brands in a research report on Monday, November 18th. They issued a “buy” rating and a $33.00 price target on the stock. Royal Bank of Canada lifted their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Finally, BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock.

Primo Brands Stock Performance

The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 20.25, a price-to-earnings-growth ratio of 0.82 and a beta of 1.09. The firm has a fifty day moving average price of $30.53. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a $0.09 dividend. The ex-dividend date was Friday, November 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.10%. Primo Brands’s payout ratio is currently 22.36%.

Hedge Funds Weigh In On Primo Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rise Advisors LLC bought a new stake in Primo Brands during the 4th quarter valued at $28,000. R Squared Ltd acquired a new position in shares of Primo Brands during the fourth quarter valued at $42,000. Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands during the fourth quarter valued at about $176,000. Drive Wealth Management LLC bought a new position in Primo Brands in the 4th quarter valued at about $241,000. Finally, Procyon Advisors LLC acquired a new position in Primo Brands during the 4th quarter valued at about $553,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Company Profile

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.