Primo Brands (NYSE:PRMB) Now Covered by Analysts at Truist Financial

Truist Financial initiated coverage on shares of Primo Brands (NYSE:PRMB - Free Report) in a report released on Friday morning, Marketbeat.com reports. The firm issued a buy rating and a $42.00 target price on the stock.

PRMB has been the topic of several other reports. Royal Bank of Canada boosted their target price on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. BMO Capital Markets assumed coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. JPMorgan Chase & Co. lifted their price target 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. TD Securities lifted their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $41.50.

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Primo Brands Trading Up 3.9 %

Shares of NYSE:PRMB traded up $1.27 during trading on Friday, reaching $34.08. 2,340,638 shares of the company traded hands, compared to its average volume of 3,182,577. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands has a 52-week low of $24.41 and a 52-week high of $35.85. The firm's fifty day simple moving average is $33.11. The stock has a market capitalization of $12.95 billion, a price-to-earnings ratio of 40.22, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. On average, sell-side analysts predict that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were given a dividend of $0.10 per share. This is a boost from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Friday, March 7th.

Institutional Investors Weigh In On Primo Brands

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC purchased a new position in shares of Primo Brands in the fourth quarter valued at about $653,019,000. Vanguard Group Inc. bought a new position in Primo Brands in the 4th quarter worth approximately $471,249,000. William Blair Investment Management LLC purchased a new stake in Primo Brands during the 4th quarter valued at approximately $343,451,000. Eminence Capital LP bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in shares of Primo Brands in the fourth quarter worth $128,982,000. Institutional investors own 87.71% of the company's stock.

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.