Primo Brands (NYSE:PRMB) Hits New 12-Month High Following Analyst Upgrade

Shares of Primo Brands Co. (NYSE:PRMB) hit a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $38.00 to $41.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Primo Brands traded as high as $34.53 and last traded at $34.19, with a volume of 1240355 shares trading hands. The stock had previously closed at $32.59.

Other analysts also recently issued reports about the stock. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. TD Securities raised their price objective on shares of Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, January 27th. BMO Capital Markets began coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Primo Brands in a report on Monday, November 18th. They issued a “buy” rating and a $33.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $38.40.

Institutional Trading of Primo Brands

Large investors have recently made changes to their positions in the business. Rise Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $28,000. SRS Capital Advisors Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $30,000. Blue Trust Inc. purchased a new position in shares of Primo Brands during the 4th quarter worth about $33,000. Finally, R Squared Ltd purchased a new position in shares of Primo Brands during the 4th quarter worth about $42,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Trading Up 5.5 %

The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a 50 day moving average price of $32.04. The stock has a market capitalization of $13.04 billion, a PE ratio of 21.40, a PEG ratio of 0.79 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last released 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). Primo Brands had a return on equity of 8.80% and a net margin of 13.63%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.58 billion. As a group, analysts anticipate that Primo Brands Co. will post 0.91 EPS for the current year.

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.