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

TD Securities started coverage on shares of Primo Brands (NYSE:PRMB) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $48.00 price target on the stock.

A number of other research analysts also recently issued reports on PRMB. Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective on the stock. Royal Bank of Canada upped their target price 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. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $41.50.

Primo Brands Price Performance

PRMB opened at $33.55 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 firm’s 50 day moving average is $33.17. Primo Brands has a one year low of $24.41 and a one year high of $35.85. The company has a market capitalization of $12.75 billion, a PE ratio of 40.22, a P/E/G ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates 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, analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.19%. The ex-dividend date was Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRMB. Rise Advisors LLC bought a new position in shares of Primo Brands during the 4th quarter valued at about $28,000. SRS Capital Advisors Inc. bought a new position in Primo Brands in the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at approximately $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands in the fourth quarter valued at approximately $33,000. Finally, Versant Capital Management Inc increased its position 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 worth $43,000 after acquiring an additional 906 shares in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

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.