JPMorgan Chase & Co. Boosts Primo Brands (NYSE:PRMB) Price Target to $41.00

Primo Brands (NYSE:PRMB) had its price target lifted by JPMorgan Chase & Co. from $38.00 to $41.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

PRMB has been the subject of several other reports. TD Securities increased their price objective on shares of Primo Brands from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. 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. Royal Bank of Canada increased their target price 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. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Primo Brands in a research note on Monday, November 18th. They set a “buy” rating and a $33.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $40.00.

Primo Brands Trading Up 4.3 %

Shares of Primo Brands stock opened at $34.00 on Friday. The firm’s 50 day moving average is $32.10. The company has a market cap of $12.89 billion, a price-to-earnings ratio of 39.26, a PEG ratio of 0.78 and a beta of 1.10. Primo Brands has a 1 year low of $14.10 and a 1 year high of $34.53. 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 (NYSE:PRMB) last released its quarterly earnings data 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). 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. As a group, research analysts anticipate that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed 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 represents a $0.40 dividend on an annualized basis and a dividend yield of 1.18%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PRMB. Rise Advisors LLC bought a new position in shares of Primo Brands in the fourth quarter valued at $28,000. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands during the fourth quarter valued at about $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at about $30,000. Blue Trust Inc. purchased a new stake in Primo Brands during the fourth quarter worth about $33,000. Finally, R Squared Ltd purchased a new stake in Primo Brands during the fourth quarter worth about $42,000. 87.71% of the stock is owned by institutional investors.

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.