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

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

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

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $34.00 on Friday. The company has a market capitalization of $12.89 billion, a PE ratio of 21.11, a PEG ratio of 0.79 and a beta of 1.10. The firm’s fifty day moving average is $32.10. Primo Brands has a 52-week low of $14.10 and a 52-week high of $34.53. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a net margin of 13.63% and a return on equity of 8.80%. Analysts predict that Primo Brands will post 0.91 earnings per share for the current year.

Primo Brands Increases Dividend

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

Institutional Trading of Primo Brands

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new stake in Primo Brands during the 4th quarter worth about $28,000. SRS Capital Advisors Inc. bought a new stake in Primo Brands during the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new stake in Primo Brands during the 4th quarter worth about $30,000. Blue Trust Inc. bought a new stake in Primo Brands during the 4th quarter worth about $33,000. Finally, R Squared Ltd bought a new stake in Primo Brands during the 4th quarter worth about $42,000. 87.71% of the stock is owned by institutional investors.

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.