Primo Brands (NYSE:PRMB) Reaches New 52-Week High – Still a Buy?

Primo Brands Co. (NYSE:PRMB)’s share price reached a new 52-week high on Wednesday . The company traded as high as $34.14 and last traded at $33.49, with a volume of 141763 shares changing hands. The stock had previously closed at $33.11.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. Royal Bank of Canada increased their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. TD Securities upped their price target on Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Primo Brands in a report on Monday, November 18th. They issued a “buy” rating and a $33.00 price target on the stock.

Primo Brands Stock Down 0.0 %

The firm has a market cap of $12.71 billion, a P/E ratio of 20.82, a PEG ratio of 0.80 and a beta of 1.10. The company has a 50-day simple moving average of $31.35. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Institutional Trading of Primo Brands

Several institutional investors and hedge funds have recently modified their holdings of PRMB. Allspring Global Investments Holdings LLC purchased a new position in Primo Brands in the fourth quarter worth $111,169,000. KBC Group NV purchased a new position in shares of Primo Brands in the 4th quarter worth about $49,585,000. Bank of New York Mellon Corp bought a new position in shares of Primo Brands during the 4th quarter valued at about $40,563,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Primo Brands during the 4th quarter valued at about $36,995,000. Finally, Levin Capital Strategies L.P. bought a new stake in Primo Brands in the 4th quarter worth approximately $34,763,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

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.