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

Primo Brands (NYSE:PRMB) had its price target boosted by stock analysts at TD Securities from $40.00 to $48.00 in a report issued on Friday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. TD Securities’ price target indicates a potential upside of 41.20% from the stock’s current price.

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

Primo Brands Price Performance

Shares of 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 company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $12.89 billion, a P/E ratio of 39.26, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The business’s 50-day moving average is $32.10.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.58 billion. As a group, sell-side analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Hedge Funds Weigh In On Primo Brands

Hedge funds have recently bought and sold shares of the company. Green Alpha Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at approximately $835,000. Fulton Bank N.A. purchased a new position in Primo Brands in the 4th quarter worth approximately $669,000. Robeco Institutional Asset Management B.V. purchased a new position in Primo Brands in the 4th quarter worth approximately $4,350,000. Allspring Global Investments Holdings LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $111,169,000. Finally, Drive Wealth Management LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $241,000. 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.