Primo Brands (NYSE:PRMB) Now Covered by Bank of America

Bank of America initiated coverage on shares of Primo Brands (NYSE:PRMB - Get Free Report) in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set a "buy" rating and a $42.00 price target on the stock. Bank of America's price target would suggest a potential upside of 26.93% from the stock's current price.

PRMB has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft increased their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price on the stock. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $41.75.

Primo Brands Stock Performance

Shares of NYSE:PRMB traded up $0.26 during midday trading on Wednesday, reaching $33.09. 7,417,747 shares of the company's stock traded hands, compared to its average volume of 3,710,003. The company has a market cap of $12.46 billion, a price-to-earnings ratio of -413.63, a P/E/G ratio of 0.78 and a beta of 0.83. 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 has a one year low of $24.41 and a one year high of $35.85. The stock has a 50 day moving average of $33.04 and a 200 day moving average of $32.11.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The firm's revenue was up 42.1% on a year-over-year basis. As a group, equities research analysts anticipate that Primo Brands will post 1.13 EPS for the current fiscal year.

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the transaction, the director now owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 58.40% of the company's stock.

Institutional Trading of Primo Brands

Institutional investors have recently made changes to their positions in the business. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter worth about $30,000. Blue Trust Inc. purchased a new stake in shares of Primo Brands during the fourth quarter worth about $33,000. IFP Advisors Inc purchased a new stake in shares of Primo Brands during the first quarter worth about $40,000. Finally, R Squared Ltd purchased a new stake in shares of Primo Brands during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

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.