Primo Brands (NYSE:PRMB) Sees Large Volume Increase – Time to Buy?

Primo Brands Co. (NYSE:PRMB) saw an uptick in trading volume on Tuesday . 4,661,758 shares traded 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.

Analyst Upgrades and Downgrades

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

Primo Brands Stock Performance

The firm has a fifty day moving average price of $32.56. The company has a market cap of $11.90 billion, a price-to-earnings 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 current ratio of 2.18 and a quick ratio of 2.07.

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

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Institutional Investors Weigh In On Primo Brands

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC purchased a new position in Primo Brands in the 4th quarter worth 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 purchased a new stake in Primo Brands during 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. Hedge funds and other institutional investors own 87.71% of the company’s stock.

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.