Primo Brands (NYSE:PRMB) Price Target Raised to $41.00 at JPMorgan Chase & Co.

Primo Brands (NYSE:PRMB) had its price target boosted by JPMorgan Chase & Co. from $38.00 to $41.00 in a report issued on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on the stock. BMO Capital Markets assumed coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 price objective on the stock. Finally, TD Securities raised their price objective on shares of Primo Brands from $32.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $40.00.

Primo Brands Stock Up 4.3 %

NYSE:PRMB opened at $34.00 on Friday. Primo Brands has a 12 month low of $14.10 and a 12 month high of $34.53. The company has a market capitalization of $12.89 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 0.79 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a 50 day moving average price of $32.10.

Primo Brands (NYSE:PRMB) last released 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 during the quarter, compared to the consensus estimate of $1.58 billion. Research analysts predict that Primo Brands will post 0.91 EPS for the current fiscal year.

Primo Brands Increases Dividend

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

Institutional Investors Weigh In On Primo Brands

A number of institutional investors have recently bought and sold shares of the business. Rise Advisors LLC acquired a new stake in Primo Brands during the fourth quarter worth $28,000. SRS Capital Advisors Inc. acquired a new stake in Primo Brands during the fourth quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands during the fourth quarter worth $30,000. Blue Trust Inc. acquired a new stake in Primo Brands during the fourth quarter worth $33,000. Finally, R Squared Ltd acquired a new stake in Primo Brands during the fourth quarter worth $42,000. 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.