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

Primo Brands Co. (NYSE:PRMB) reached a new 52-week high on Thursday . The stock 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 Analysts Forecast Growth

PRMB has been the topic of several research reports. BMO Capital Markets initiated 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Primo Brands in a report on Monday, November 18th. They set a “buy” rating and a $33.00 target price on the stock. Finally, Royal Bank of Canada boosted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th.

Primo Brands Stock Performance

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 firm has a market capitalization of $12.43 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 0.76 and a beta of 1.09. The company has a 50-day moving average price of $30.38.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors 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 (DPR) is presently 22.36%.

Institutional Investors Weigh In On Primo Brands

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