Primo Brands (NYSE:PRMB) Price Target Raised to $48.00

Primo Brands (NYSE:PRMB) had its target price raised by TD Securities from $40.00 to $48.00 in a research note released on Friday,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

PRMB has been the subject of several other reports. Royal Bank of Canada boosted their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft began coverage on Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 price objective for the company. BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has an average rating of “Buy” and an average target price of $40.00.

Primo Brands Trading Up 4.3 %

PRMB stock opened at $34.00 on Friday. The firm has a market capitalization of $12.89 billion, a PE ratio of 39.26, a P/E/G ratio of 0.78 and a beta of 1.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands has a twelve month low of $14.10 and a twelve month high of $34.53. The business’s 50 day moving average is $32.10.

Primo Brands (NYSE:PRMB) last announced its quarterly 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). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. On average, equities research analysts predict that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be paid a $0.10 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, March 7th.

Institutional Investors Weigh In On Primo Brands

Several large investors have recently modified their holdings of PRMB. Rise Advisors LLC purchased a new position in Primo Brands in the 4th quarter valued at $28,000. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth $30,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter valued at about $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth about $33,000. Finally, R Squared Ltd purchased a new position in Primo Brands during the fourth quarter worth about $42,000. Hedge funds and other institutional investors 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.