Primo Brands (NYSE:PRMB) Price Target Raised to $40.00

Primo Brands (NYSE:PRMB - Get Free Report) had its price objective boosted by analysts at Deutsche Bank Aktiengesellschaft from $38.00 to $40.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Deutsche Bank Aktiengesellschaft's price target indicates a potential upside of 20.46% from the stock's current price.

A number of other research firms also recently issued reports on PRMB. JPMorgan Chase & Co. lifted their price objective 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. Royal Bank of Canada increased their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. TD Securities lifted their target price on Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Finally, BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands presently has a consensus rating of "Buy" and an average price target of $41.40.

Primo Brands Stock Down 0.2 %

PRMB traded down $0.07 during trading on Friday, hitting $33.21. The company had a trading volume of 2,969,027 shares, compared to its average volume of 2,186,044. The stock has a market capitalization of $12.60 billion, a P/E ratio of 40.77, a PEG ratio of 0.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands has a one year low of $16.09 and a one year high of $35.25. The stock has a 50-day moving average of $32.45.

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Primo Brands (NYSE:PRMB - Get Free Report) last issued 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 firm 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%. Sell-side analysts forecast that Primo Brands will post 1.13 earnings per share for the current year.

Hedge Funds Weigh In On Primo Brands

A number of institutional investors have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Primo Brands during the 4th quarter worth approximately $1,190,000. Polar Asset Management Partners Inc. acquired a new stake in shares of Primo Brands during the 4th quarter worth about $2,769,000. Mackenzie Financial Corp bought a new stake in shares of Primo Brands during the 4th quarter worth about $3,858,000. Public Employees Retirement System of Ohio bought a new stake in shares of Primo Brands during the 4th quarter worth about $112,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Primo Brands during the fourth quarter worth approximately $18,667,000. Institutional investors and hedge funds 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.