Primo Brands (NYSE:PRMB) Coverage Initiated at TD Securities

TD Securities initiated coverage on shares of Primo Brands (NYSE:PRMB) in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $48.00 price target on the stock. TD Securities’ price objective suggests a potential upside of 41.51% from the stock’s current price.

A number of other brokerages have also recently commented on PRMB. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note 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 note on Monday, January 6th. BMO Capital Markets assumed coverage on Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 target price for the company. JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They set a “buy” rating and a $42.00 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 an average rating of “Buy” and a consensus target price of $41.50.

Primo Brands Trading Up 3.4 %

Shares of NYSE:PRMB opened at $33.92 on Tuesday. 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 company has a market cap of $12.89 billion, a PE ratio of 40.22, a P/E/G ratio of 0.78 and a beta of 0.82. The stock’s 50-day moving average price is $33.16. Primo Brands has a 1-year low of $24.41 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, equities analysts predict that Primo Brands will post 1.13 EPS for the current year.

Hedge Funds Weigh In On Primo Brands

Large investors have recently bought and sold shares of the company. Green Alpha Advisors LLC acquired a new position in Primo Brands during the 4th quarter worth approximately $835,000. PNC Financial Services Group Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $252,000. Fulton Bank N.A. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $669,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $111,169,000. Finally, Robeco Institutional Asset Management B.V. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $4,350,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Company Profile

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.