Primo Brands (NYSE:PRMB) Coverage Initiated by Analysts at Bank of America

Bank of America began coverage on shares of Primo Brands (NYSE:PRMB) in a report issued on Wednesday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $42.00 price objective on the stock.

Other analysts also recently issued reports about the company. Mizuho started coverage on Primo Brands in a research note on Monday, May 12th. They issued an “outperform” rating and a $43.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. JPMorgan Chase & Co. increased their price objective on 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 started coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective for the company. Finally, Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price target for the company. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $41.75.

Primo Brands Stock Up 1.5%

Shares of Primo Brands stock opened at $32.70 on Wednesday. The stock has a market capitalization of $12.31 billion, a P/E ratio of -408.75, a PEG ratio of 0.78 and a beta of 0.83. Primo Brands has a 52 week low of $24.41 and a 52 week high of $35.85. The business has a 50 day moving average of $33.03. 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 (NYSE:PRMB) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, research analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Friday, June 6th. Primo Brands’s payout ratio is -500.00%.

Insider Activity at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares of the company’s stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 58.40% of the stock is currently owned by company insiders.

Institutional Trading of Primo Brands

Large investors have recently bought and sold shares of the company. SRS Capital Advisors Inc. purchased a new stake in Primo Brands in the fourth quarter worth $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands in the fourth quarter worth $30,000. Blue Trust Inc. purchased a new stake in Primo Brands in the fourth quarter worth $33,000. IFP Advisors Inc purchased a new stake in Primo Brands in the first quarter worth $40,000. Finally, R Squared Ltd purchased a new stake in Primo Brands in the fourth quarter worth $42,000. 87.71% of the stock is owned by hedge funds and other 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.