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

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

Wall Street Analyst Weigh In

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

Primo Brands Stock Performance

The stock’s 50-day moving average is $31.35. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock has a market capitalization of $12.71 billion, a price-to-earnings ratio of 20.82, a P/E/G ratio of 0.80 and a beta of 1.10.

Institutional Investors Weigh In On Primo Brands

Hedge funds have recently made changes to their positions in the company. Rise Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at $28,000. SRS Capital Advisors Inc. purchased a new position in Primo Brands during the 4th quarter valued at about $30,000. Blue Trust Inc. purchased a new position in Primo Brands during the 4th quarter valued at about $33,000. R Squared Ltd bought a new stake in Primo Brands during the fourth quarter worth about $42,000. Finally, Amalgamated Bank purchased a new stake in Primo Brands in the fourth quarter worth about $166,000. 87.71% of the stock is currently owned by institutional investors.

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.