Truist Financial Initiates Coverage on Primo Brands (NYSE:PRMB)

Research analysts at Truist Financial started coverage on shares of Primo Brands (NYSE:PRMB) in a report released on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $42.00 price target on the stock. Truist Financial’s price target points to a potential upside of 18.04% from the company’s previous close.

A number of other analysts have also weighed in on PRMB. 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. Deutsche Bank Aktiengesellschaft boosted 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 increased their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, TD Securities increased their price objective on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $41.50.

Primo Brands Price Performance

NYSE:PRMB opened at $35.58 on Friday. The company has a market capitalization of $13.53 billion, a price-to-earnings ratio of 42.42, a P/E/G ratio of 0.78 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands has a one year low of $24.41 and a one year high of $35.85. The business’s 50-day simple moving average is $33.09.

Primo Brands (NYSE:PRMB) last released its 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 during the quarter, compared to the consensus estimate of $1.58 billion. On average, equities research analysts expect that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Institutional Trading of Primo Brands

A number of hedge funds have recently bought and sold shares of the company. Rise Advisors LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at about $28,000. SRS Capital Advisors Inc. purchased a new position in shares of Primo Brands in the fourth quarter worth approximately $30,000. EverSource Wealth Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter worth approximately $30,000. Blue Trust Inc. bought a new stake in Primo Brands during the fourth quarter valued at approximately $33,000. Finally, R Squared Ltd purchased a new stake in shares of Primo Brands in the 4th quarter worth $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.