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

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

Primo Brands Trading Down 0.9 %

Shares of PRMB stock opened at $32.01 on Tuesday. Primo Brands has a twelve month low of $24.41 and a twelve month high of $35.25. The stock has a market capitalization of $12.17 billion, a PE ratio of 39.04, a P/E/G ratio of 0.78 and a beta of 1.10. The firm’s 50 day moving average is $32.70. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

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

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

Institutional Trading of Primo Brands

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

Analysts Set New Price Targets

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

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.