Primo Brands (NYSE:PRMB) Sets New 1-Year High on Analyst Upgrade

Primo Brands Co. (NYSE:PRMB) reached a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $35.00 to $38.00. Royal Bank of Canada currently has an outperform rating on the stock. Primo Brands traded as high as $32.29 and last traded at $31.89, with a volume of 70547 shares changing hands. The stock had previously closed at $31.85.

A number of other brokerages also recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft assumed 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. BMO Capital Markets began coverage on shares of Primo Brands in a report on Monday. They issued an “outperform” rating and a $40.00 target price on the stock.

Institutional Investors Weigh In On Primo Brands

A hedge fund recently bought a new stake in Primo Brands stock. Rise Advisors LLC bought a new position in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 915 shares of the company’s stock, valued at approximately $28,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

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 firm has a market capitalization of $12.05 billion, a P/E ratio of 19.73, a P/E/G ratio of 0.95 and a beta of 1.09.

Primo Brands Dividend Announcement

The business also recently disclosed 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 of this dividend was Friday, November 22nd. This represents a $0.36 annualized dividend and a yield of 1.13%. Primo Brands’s dividend payout ratio is currently 22.36%.

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.