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

Primo Brands Co. (NYSE:PRMB) shares hit 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 a number of other reports. BMO Capital Markets began coverage on shares of 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 began 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 on the stock.

Primo Brands Trading Down 0.5 %

The firm has a market cap of $12.02 billion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 0.95 and a beta of 1.09. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a dividend of $0.09 per share. The ex-dividend date was Friday, November 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.14%. Primo Brands’s payout ratio is currently 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.