Primo Brands Target of Unusually Large Options Trading (NYSE:PRMB)

Primo Brands Co. (NYSE:PRMB) saw unusually large options trading activity on Monday. Traders acquired 3,278 call options on the stock. This represents an increase of 321% compared to the average volume of 779 call options.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Rise Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter valued at about $28,000. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands in the 4th quarter valued at about $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter valued at about $30,000. Blue Trust Inc. bought a new stake in shares of Primo Brands during the 4th quarter worth about $33,000. Finally, R Squared Ltd bought a new stake in shares of Primo Brands during the 4th quarter worth about $42,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

Primo Brands stock traded up $0.51 during mid-day trading on Monday, reaching $32.80. The company’s stock had a trading volume of 607,490 shares, compared to its average volume of 2,753,048. The stock has a market cap of $12.47 billion, a P/E ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands has a 12 month low of $24.41 and a 12 month high of $39.23. The firm’s 50 day simple moving average is $32.68. 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 released its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. As a group, sell-side analysts expect that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Analyst Ratings Changes

PRMB has been the topic of a number of research analyst reports. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. TD Securities raised their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised 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. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $41.40.

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.