Stock Traders Buy High Volume of Call Options on Primo Brands (NYSE:PRMB)

Primo Brands Corporation (NYSE:PRMB) was the recipient of unusually large options trading activity on Monday. Investors acquired 37,541 call options on the stock. This is an increase of 757% compared to the average volume of 4,382 call options.

Primo Brands Price Performance

Primo Brands stock opened at $23.70 on Wednesday. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. The company has a fifty day simple moving average of $24.05 and a 200-day simple moving average of $21.14. The stock has a market cap of $8.60 billion, a P/E ratio of 169.32, a price-to-earnings-growth ratio of 2.09 and a beta of 0.73. Primo Brands has a 12-month low of $14.36 and a 12-month high of $29.23.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the company earned $0.29 EPS. Equities analysts expect that Primo Brands will post 1.25 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is 342.86%.

Institutional Investors Weigh In On Primo Brands

Several institutional investors have recently added to or reduced their stakes in the business. Caption Management LLC purchased a new position in Primo Brands in the third quarter valued at approximately $27,000. Harbor Investment Advisory LLC purchased a new stake in shares of Primo Brands during the 2nd quarter worth approximately $37,000. LRI Investments LLC lifted its position in shares of Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after buying an additional 1,306 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Primo Brands by 76.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company’s stock valued at $37,000 after buying an additional 853 shares in the last quarter. Finally, Picton Mahoney Asset Management boosted its holdings in shares of Primo Brands by 65.2% in the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock valued at $35,000 after buying an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Jefferies Financial Group upgraded shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Friday, March 27th. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. JPMorgan Chase & Co. upped their price target on Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Barclays increased their price target on Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, March 30th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.36.

Primo Brands Company Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.