Primo Brands (NYSE:PRMB) Reaches New 1-Year High After Analyst Upgrade

Primo Brands Co. (NYSE:PRMB)’s stock price reached a new 52-week high on Tuesday after Royal Bank of Canada raised their price target on the stock from $35.00 to $38.00. Royal Bank of Canada currently has an outperform rating on the stock. Primo Brands traded as high as $32.29 and last traded at $31.89, with a volume of 70547 shares changing hands. The stock had previously closed at $31.85.

Several other research firms also recently issued reports on PRMB. BMO Capital Markets initiated coverage on Primo Brands in a report on Monday. They set an “outperform” rating and a $40.00 price objective on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Primo Brands in a research report on Monday, November 18th. They issued a “buy” rating and a $33.00 target price for the company.

Primo Brands Stock Performance

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 cap of $12.02 billion, a PE ratio of 19.69, a P/E/G ratio of 0.95 and a beta of 1.09.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a $0.09 dividend. The ex-dividend date was Friday, November 22nd. This represents a $0.36 annualized dividend and a yield of 1.14%. Primo Brands’s dividend payout ratio is presently 22.36%.

About Primo Brands

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.