Primo Brands (NYSE:PRMB) Sets New 12-Month High - Still a Buy?

Shares of Primo Brands Co. (NYSE:PRMB - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $34.14 and last traded at $33.49, with a volume of 141763 shares changing hands. The stock had previously closed at $33.11.

Analyst Ratings Changes

PRMB has been the topic of a number of recent research reports. TD Securities boosted their price objective on Primo Brands from $32.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft started coverage on shares of Primo Brands in a research note on Monday, November 18th. They set a "buy" rating and a $33.00 target price on the stock. 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 for the company. Finally, Royal Bank of Canada increased their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th.

Primo Brands Price Performance

The stock has a 50 day moving average price of $31.54. The firm has a market cap of $12.70 billion, a P/E ratio of 20.79, a PEG ratio of 0.83 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

Institutional Trading of Primo Brands

Several institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC acquired a new stake in Primo Brands in the fourth quarter valued at $211,000. King Luther Capital Management Corp acquired a new position in Primo Brands during the fourth quarter worth approximately $7,787,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Primo Brands in the 4th quarter worth about $1,336,000. Taika Capital LP acquired a new stake in shares of Primo Brands in the fourth quarter worth $752,000. Finally, AlphaQuest LLC purchased a new position in Primo Brands in the fourth quarter valued at about $249,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Company Profile

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.