Mizuho Begins Coverage on Primo Brands (NYSE:PRMB)

Mizuho initiated coverage on shares of Primo Brands (NYSE:PRMB) in a report published on Monday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $43.00 target price on the stock.

PRMB has been the topic of a number of other reports. Truist Financial started coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of 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. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, TD Securities started coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $41.71.

Primo Brands Trading Down 0.2%

Shares of Primo Brands stock opened at $31.88 on Monday. The stock has a market cap of $12.12 billion, a price-to-earnings ratio of 39.82, a PEG ratio of 0.78 and a beta of 0.83. Primo Brands has a twelve month low of $24.41 and a twelve month high of $35.85. The company has a 50-day moving average of $32.93. 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 (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Primo Brands’s quarterly revenue was up 42.1% compared to the same quarter last year. On average, sell-side analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%.

Institutional Trading of Primo Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC increased its holdings in shares of Primo Brands by 12.1% during the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company’s stock worth $107,000 after buying an additional 325 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Primo Brands by 34.5% during the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock worth $69,000 after buying an additional 498 shares during the last quarter. CWM LLC increased its holdings in shares of Primo Brands by 20.5% during the 1st quarter. CWM LLC now owns 4,975 shares of the company’s stock worth $177,000 after buying an additional 847 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company’s stock worth $46,000 after buying an additional 902 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock worth $43,000 after buying an additional 906 shares during the last quarter. Institutional investors and hedge funds 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.