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

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on PRMB. Deutsche Bank Aktiengesellschaft began coverage on Primo Brands in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 price objective on the stock. Royal Bank of Canada raised their target price on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, BMO Capital Markets assumed coverage on shares of 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 $12.43 billion, a PE ratio of 20.35, a PEG ratio of 0.76 and a beta of 1.09. The company’s 50-day moving average is $30.38. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands Dividend Announcement

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

Hedge Funds Weigh In On Primo Brands

A number of hedge funds have recently modified their holdings of the business. Rise Advisors LLC acquired a new position in Primo Brands in the fourth quarter valued at about $28,000. Fulton Bank N.A. acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $669,000. Green Alpha Advisors LLC purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $835,000. Procyon Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $553,000. Finally, Nisa Investment Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $176,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

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.