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

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

Hedge Funds Weigh In On Primo Brands

Institutional investors have recently modified their holdings of the business. Green Alpha Advisors LLC acquired a new stake in Primo Brands in the fourth quarter valued at about $835,000. PNC Financial Services Group Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $252,000. Fulton Bank N.A. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $669,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at approximately $111,169,000. Finally, Robeco Institutional Asset Management B.V. acquired a new position in Primo Brands during the 4th quarter worth approximately $4,350,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Up 4.2 %

PRMB opened at $33.44 on Wednesday. The company has a market capitalization of $12.71 billion, a PE ratio of 39.04, a price-to-earnings-growth 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 has a twelve month low of $24.41 and a twelve month high of $35.25. The business’s 50-day moving average price is $32.75.

Primo Brands (NYSE:PRMB) last issued its quarterly 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). The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Sell-side analysts anticipate that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Analysts Set New Price Targets

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

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.