TD Securities Begins Coverage on Primo Brands (NYSE:PRMB)

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

Other analysts have also issued research reports about the company. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price on the stock. JPMorgan Chase & Co. raised their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Truist Financial assumed coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, Royal Bank of Canada boosted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands currently has an average rating of "Buy" and an average price target of $41.50.

Remove Ads

Primo Brands Stock Performance

Shares of Primo Brands stock traded up $0.31 on Tuesday, reaching $33.78. The stock had a trading volume of 5,650,827 shares, compared to its average volume of 3,237,725. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $33.18. The company has a market capitalization of $12.84 billion, a PE ratio of 40.22, a P/E/G ratio of 0.78 and a beta of 0.82. Primo Brands has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, equities analysts forecast that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a $0.10 dividend. This is a boost from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.18%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter valued at approximately $28,000. SRS Capital Advisors Inc. bought a new stake in Primo Brands in the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at $33,000. Finally, Versant Capital Management Inc grew its holdings in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the last quarter. 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.