Investors Purchase High Volume of Primo Brands Call Options (NYSE:PRMB)

Primo Brands Co. (NYSE:PRMB - Get Free Report) was the recipient of unusually large options trading activity on Tuesday. Stock investors purchased 3,748 call options on the company. This is an increase of approximately 183% compared to the average volume of 1,326 call options.

Primo Brands Stock Down 0.1 %

Primo Brands stock traded down $0.02 during trading hours on Friday, hitting $32.41. 2,778,059 shares of the company traded hands, compared to its average volume of 3,228,990. The firm's 50-day moving average price is $33.14. The company has a market cap of $12.32 billion, a price-to-earnings ratio of 39.70, a P/E/G ratio of 0.78 and a beta of 0.82. Primo Brands has a 1-year low of $24.41 and a 1-year high of $35.85. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last released its 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. On average, equities research analysts predict that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.23%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft upped their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Royal Bank of Canada increased their target price on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Truist Financial began coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective on the stock. Finally, TD Securities initiated coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $41.50.

Hedge Funds Weigh In On Primo Brands

Several large investors have recently made changes to their positions in PRMB. Rise Advisors LLC acquired a new position in Primo Brands in the fourth quarter worth approximately $28,000. SRS Capital Advisors Inc. bought a new stake in shares of Primo Brands during the 4th quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth $33,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the last quarter. Institutional investors own 87.71% of the company's stock.

About Primo Brands

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.