Primo Brands (NYSE:PRMB) Earns Buy Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of Primo Brands (NYSE:PRMB) in a research report report published on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $42.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. BMO Capital Markets initiated coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target for the company. TD Securities upped their price target on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands has a consensus rating of “Buy” and an average target price of $41.50.

Primo Brands Stock Down 6.2 %

Shares of PRMB stock opened at $33.41 on Friday. The business has a fifty day moving average price of $33.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a market capitalization of $12.70 billion, a PE ratio of 42.42, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. Primo Brands has a twelve month low of $24.41 and a twelve month high of $35.85.

Primo Brands (NYSE:PRMB) last announced its 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). The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Equities research analysts expect 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. Investors of record on Friday, March 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.20%.

Institutional Investors Weigh In On Primo Brands

Large investors have recently added to or reduced their stakes in the stock. Green Alpha Advisors LLC bought a new stake in shares of Primo Brands in the fourth quarter worth $835,000. PNC Financial Services Group Inc. purchased a new stake in shares of Primo Brands during the 4th quarter valued at about $252,000. Fulton Bank N.A. bought a new position in shares of Primo Brands in the 4th quarter worth approximately $669,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Primo Brands in the fourth quarter worth approximately $111,169,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in Primo Brands during the fourth quarter valued at approximately $4,350,000. 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.