Primo Brands (NYSE:PRMB) Reaches New 52-Week High Following Analyst Upgrade

Shares of Primo Brands Co. (NYSE:PRMB) reached a new 52-week high 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.

PRMB has been the subject of several other reports. BMO Capital Markets assumed coverage on Primo Brands in a research note on Monday. They set an “outperform” rating and a $40.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Primo Brands in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 target price for the company.

Institutional Trading of Primo Brands

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

Primo Brands Trading Down 0.3 %

The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm has a market capitalization of $12.05 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 0.95 and a beta of 1.09.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Friday, November 22nd. Primo Brands’s dividend payout ratio (DPR) is 22.36%.

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.