Primo Brands (NYSE:PRMB) Hits New 12-Month High Following Analyst Upgrade

Shares of Primo Brands Co. (NYSE:PRMB) reached a new 52-week high during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $38.00 to $41.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Primo Brands traded as high as $34.53 and last traded at $34.19, with a volume of 1240355 shares trading hands. The stock had previously closed at $32.59.

PRMB has been the topic of a number of other research reports. TD Securities lifted their price target on shares of Primo Brands from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Primo Brands in a report on Monday, November 18th. They set a “buy” rating and a $33.00 target price on the stock. Royal Bank of Canada boosted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Finally, BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $38.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter worth about $28,000. Fulton Bank N.A. purchased a new stake in shares of Primo Brands during the fourth quarter worth about $669,000. Green Alpha Advisors LLC bought a new position in Primo Brands in the fourth quarter worth about $835,000. Procyon Advisors LLC bought a new position in Primo Brands in the fourth quarter worth about $553,000. Finally, Nisa Investment Advisors LLC bought a new position in Primo Brands in the fourth quarter worth about $176,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

The stock has a 50 day moving average price of $32.04. The company has a market capitalization of $13.04 billion, a P/E ratio of 21.40, a P/E/G ratio of 0.79 and a beta of 1.10. 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 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 net margin of 13.63% and a return on equity of 8.80%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.58 billion. On average, equities research analysts anticipate that Primo Brands Co. will post 0.91 EPS for the current year.

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.