Primo Brands (NYSE:PRMB) Coverage Initiated at Mizuho

Stock analysts at Mizuho started coverage on shares of Primo Brands (NYSE:PRMB) in a report released on Monday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $43.00 price target on the stock. Mizuho’s price objective suggests a potential upside of 34.59% from the company’s previous close.

A number of other equities research analysts have also commented on the stock. Truist Financial initiated coverage on shares of Primo Brands in a report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. TD Securities initiated coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target for the company. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, 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. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $41.71.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $31.95 on Monday. 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 firm has a fifty day moving average of $32.95. Primo Brands has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The company has a market cap of $12.15 billion, a P/E ratio of 39.82, a PEG ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business’s quarterly revenue was up 42.1% compared to the same quarter last year. Analysts expect that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Primo Brands

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC acquired a new position in shares of Primo Brands during the 4th quarter worth about $653,019,000. Vanguard Group Inc. raised its stake in Primo Brands by 28.7% in the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after buying an additional 4,389,327 shares during the period. William Blair Investment Management LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $343,451,000. Victory Capital Management Inc. acquired a new position in shares of Primo Brands during the 1st quarter worth approximately $184,225,000. Finally, Eminence Capital LP acquired a new position in Primo Brands during the fourth quarter valued at approximately $145,670,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

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.