Primo Brands (NYSE:PRMB) Sees Strong Trading Volume – Should You Buy?

Primo Brands Co. (NYSE:PRMB) shares saw unusually-strong trading volume on Tuesday . Approximately 4,661,758 shares changed hands during trading, an increase of 92% from the previous session’s volume of 2,433,407 shares.The stock last traded at $30.55 and had previously closed at $29.89.

Analysts Set New Price Targets

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

Primo Brands Price Performance

The stock has a market capitalization of $11.68 billion, a PE ratio of 39.01, 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 business’s 50-day moving average price is $32.56.

Primo Brands (NYSE:PRMB) last issued its 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 firm had revenue of $1.40 billion for 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 firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.30%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th.

Institutional Investors Weigh In On Primo Brands

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

About Primo Brands

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.