Primo Brands (NYSE:PRMB) Reaches New 1-Year High Following Dividend Announcement

Primo Brands Co. (NYSE:PRMB) reached a new 52-week high on Friday following a dividend announcement from the company. The company traded as high as $34.53 and last traded at $34.19, with a volume of 1240355 shares. The stock had previously closed at $32.59.

The newly announced dividend which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be paid a $0.10 dividend. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.18%. Primo Brands’s dividend payout ratio (DPR) is presently 27.95%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday. BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Primo Brands in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $40.00.

Primo Brands Price Performance

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 has a market capitalization of $12.89 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 0.79 and a beta of 1.10. The business has a fifty day moving average price of $32.10.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data 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). Primo Brands had a return on equity of 8.80% and a net margin of 13.63%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Equities analysts anticipate that Primo Brands Co. will post 0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter worth about $28,000. SRS Capital Advisors Inc. acquired a new stake in Primo Brands in the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the fourth quarter valued at approximately $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the fourth quarter worth approximately $33,000. Finally, R Squared Ltd acquired a new stake in shares of Primo Brands in the fourth quarter worth approximately $42,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

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.