Primo Brands (NYSE:PRMB) Reaches New 1-Year High - Still a Buy?

Primo Brands Co. (NYSE:PRMB - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $35.39 and last traded at $35.30, with a volume of 9883159 shares changing hands. The stock had previously closed at $34.45.

Wall Street Analysts Forecast Growth

PRMB has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Royal Bank of Canada boosted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft increased their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective for the company. Finally, TD Securities raised their target price on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has an average rating of "Buy" and an average target price of $41.40.

Primo Brands Stock Performance

The firm has a market cap of $13.39 billion, a PE ratio of 41.51, a PEG ratio of 0.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The firm's 50 day moving average price is $32.94.

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Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. As a group, equities research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently disclosed 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. This represents a $0.40 annualized dividend and a yield of 1.14%. This is an increase from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Institutional Trading of Primo Brands

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

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.