Mizuho Initiates Coverage on Primo Brands (NYSE:PRMB)

Equities research analysts at Mizuho began coverage on shares of Primo Brands (NYSE:PRMB) in a report released on Monday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $43.00 price target on the stock. Mizuho’s target price would indicate a potential upside of 33.58% from the stock’s current price.

Other analysts also recently issued research reports about the stock. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective for the company. Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. lifted their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands presently has a consensus rating of “Buy” and an average price target of $41.71.

Primo Brands Stock Up 1.2%

Primo Brands stock opened at $32.19 on Monday. The company has a market cap of $12.12 billion, a PE ratio of -402.38, a P/E/G ratio of 0.78 and a beta of 0.83. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Brands has a twelve month low of $24.41 and a twelve month high of $35.85. The firm has a 50-day moving average of $32.93.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Primo Brands’s quarterly revenue was up 42.1% on a year-over-year basis. Equities analysts anticipate that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the transaction, the director now owns 116,210,806 shares of the company’s stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 58.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands during the fourth quarter worth $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth $33,000. IFP Advisors Inc acquired a new position in shares of Primo Brands during the first quarter worth $40,000. Finally, Versant Capital Management Inc increased its holdings in shares of Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock worth $43,000 after buying an additional 906 shares in the last quarter. 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.