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

Equities research analysts at Truist Financial began coverage on shares of Primo Brands (NYSE:PRMB) in a research report issued to clients and investors on Friday, MarketBeat reports. The firm set a “buy” rating and a $42.00 price target on the stock. Truist Financial’s price target would indicate a potential upside of 25.71% from the company’s previous close.

Several other analysts also recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. TD Securities increased their price target on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. raised their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. 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 report on Monday, January 6th. Finally, BMO Capital Markets started 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has a consensus rating of “Buy” and a consensus price target of $41.50.

Primo Brands Stock Performance

Shares of PRMB opened at $33.41 on Friday. 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 has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The business has a 50 day simple moving average of $33.10. The company has a market cap of $12.70 billion, a price-to-earnings ratio of 42.42, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.08). The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, equities research analysts predict that Primo Brands will post 1.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PRMB. Green Alpha Advisors LLC bought a new position in Primo Brands in the fourth quarter worth $835,000. PNC Financial Services Group Inc. purchased a new stake in shares of Primo Brands in the 4th quarter worth about $252,000. Fulton Bank N.A. purchased a new position in Primo Brands during the 4th quarter valued at about $669,000. Allspring Global Investments Holdings LLC bought a new stake in Primo Brands during the fourth quarter worth about $111,169,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in Primo Brands in the fourth quarter worth about $4,350,000. Hedge funds and other 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.