Primo Brands (NYSE:PRMB) Price Target Raised to $48.00 at TD Securities

Primo Brands (NYSE:PRMB) had its price objective upped by TD Securities from $40.00 to $48.00 in a research note released on Friday,BayStreet.CA reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on PRMB. BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada upped their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Primo Brands in a report on Monday, November 18th. They issued a “buy” rating and a $33.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands has an average rating of “Buy” and a consensus price target of $40.00.

Primo Brands Trading Up 4.3 %

PRMB opened at $34.00 on Friday. Primo Brands has a 1-year low of $14.10 and a 1-year high of $34.53. The firm has a fifty day simple moving average of $32.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.89 billion, a PE ratio of 21.11, a PEG ratio of 0.79 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). Primo Brands had a net margin of 13.63% and a return on equity of 8.80%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Equities analysts forecast that Primo Brands will post 0.91 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.18%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th. Primo Brands’s dividend payout ratio is currently 27.95%.

Institutional Trading of Primo Brands

Large investors have recently modified their holdings of the stock. Rise Advisors LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth $28,000. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands during the 4th quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands during the 4th quarter worth $33,000. Finally, R Squared Ltd acquired a new stake in shares of Primo Brands during the 4th quarter worth $42,000. 87.71% of the stock is owned by institutional investors and hedge funds.

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.