Primo Brands (NYSE:PRMB) Sets New 1-Year High After Dividend Announcement

Primo Brands Co. (NYSE:PRMB)’s stock price hit a new 52-week high on Friday after the company announced a dividend. The stock 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 dividend of $0.10 per share. The ex-dividend date is Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.18%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Analyst Upgrades and Downgrades

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

Primo Brands Trading Up 4.3 %

The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $12.89 billion, a PE ratio of 39.26, a P/E/G ratio of 0.78 and a beta of 1.10. The business’s fifty day moving average price is $32.10.

Primo Brands (NYSE:PRMB) last posted 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). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Equities research analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Hedge Funds Weigh In On Primo Brands

Several institutional investors have recently bought and sold shares of the business. Rise Advisors LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at $28,000. SRS Capital Advisors Inc. bought a new stake in Primo Brands during the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at about $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the fourth quarter worth about $33,000. Finally, R Squared Ltd acquired a new position in shares of Primo Brands during the fourth quarter worth approximately $42,000. 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.