Primo Brands Target of Unusually Large Options Trading (NYSE:PRMB)

Primo Brands Co. (NYSE:PRMB) was the target of unusually large options trading on Monday. Stock investors acquired 3,278 call options on the company. This represents an increase of approximately 321% compared to the typical daily volume of 779 call options.

Analysts Set New Price Targets

Several equities analysts have commented on PRMB shares. TD Securities increased their target price on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Royal Bank of Canada lifted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $41.40.

Institutional Investors Weigh In On Primo Brands

A number of hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new position in shares of Primo Brands during the 4th quarter worth approximately $43,413,000. California State Teachers Retirement System acquired a new position in shares of Primo Brands during the 4th quarter valued at $4,525,000. Wealth Enhancement Advisory Services LLC bought a new position in Primo Brands during the fourth quarter worth $363,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Primo Brands during the 4th quarter worth about $1,190,000. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at about $2,769,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Primo Brands stock opened at $33.44 on Wednesday. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands has a 52-week low of $24.41 and a 52-week high of $35.25. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock’s 50 day moving average price is $32.75.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, equities research analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a dividend of $0.10 per share. This is a positive change 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 dividend yield of 1.20%.

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.