Analysts Set Primo Brands Co. (NYSE:PRMB) Price Target at $41.50

Primo Brands Co. (NYSE:PRMB - Get Free Report) has earned a consensus recommendation of "Buy" from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued a report on the stock in the last year is $41.50.

Several equities analysts have recently commented on PRMB shares. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday. They set a "buy" rating and a $48.00 price target on the stock. 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 report on Friday, February 21st. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th.

Institutional Trading of Primo Brands

A number of large investors have recently modified their holdings of PRMB. Rise Advisors LLC bought a new position in Primo Brands in the 4th quarter worth about $28,000. Fulton Bank N.A. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $669,000. Green Alpha Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $835,000. Procyon Advisors LLC bought a new stake in Primo Brands during the 4th quarter valued at $553,000. Finally, Nisa Investment Advisors LLC acquired a new position in Primo Brands during the 4th quarter worth $176,000. Institutional investors and hedge funds own 87.71% of the company's stock.

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Primo Brands Trading Up 2.8 %

PRMB stock traded up $0.93 during midday trading on Friday, hitting $33.74. 2,340,638 shares of the company's stock were exchanged, compared to its average volume of 3,182,577. The firm has a market capitalization of $12.83 billion, a PE ratio of 40.22, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. 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 business has a 50 day moving average of $33.11. Primo Brands has a 12-month low of $24.41 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (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 positive return on equity of 10.27% and a negative net margin of 2.74%. On average, sell-side analysts forecast that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date was Friday, March 7th.

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.