Traders Buy High Volume of Call Options on Primo Brands (NYSE:PRMB)

Primo Brands Co. (NYSE:PRMB - Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock investors acquired 3,748 call options on the company. This is an increase of approximately 183% compared to the typical daily volume of 1,326 call options.

Institutional Investors Weigh In On Primo Brands

A number of institutional investors have recently made changes to their positions in the stock. FMR LLC acquired a new position in shares of Primo Brands in the fourth quarter worth approximately $653,019,000. Vanguard Group Inc. acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $471,249,000. William Blair Investment Management LLC bought a new stake in shares of Primo Brands in the 4th quarter valued at $343,451,000. Eminence Capital LP acquired a new stake in shares of Primo Brands during the fourth quarter worth $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Primo Brands during the fourth quarter worth $128,982,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of Primo Brands stock traded down $0.32 on Friday, hitting $32.12. The stock had a trading volume of 289,026 shares, compared to its average volume of 3,207,228. The company has a 50 day moving average of $33.14. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands has a twelve month low of $24.41 and a twelve month high of $35.85. The stock has a market capitalization of $12.21 billion, a price-to-earnings ratio of 39.70, a P/E/G ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.08). The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Equities analysts expect that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.25%.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of research analyst reports. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. BMO Capital Markets assumed coverage on Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has a consensus rating of "Buy" and an average price target of $41.50.

About Primo Brands

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.