Bank of America Initiates Coverage on Primo Brands (NYSE:PRMB)

Analysts at Bank of America began coverage on shares of Primo Brands (NYSE:PRMB - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The firm set a "buy" rating and a $42.00 price target on the stock. Bank of America's price objective would suggest a potential upside of 26.93% from the stock's previous close.

Other research analysts also recently issued research reports about the company. Truist Financial began coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. upped their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Finally, TD Securities started coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has a consensus rating of "Buy" and a consensus target price of $41.75.

Primo Brands Price Performance

PRMB stock traded up $0.26 during trading on Wednesday, hitting $33.09. 7,417,747 shares of the stock traded hands, compared to its average volume of 3,709,905. The stock 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. Primo Brands has a one year low of $24.41 and a one year high of $35.85. The company has a 50 day simple moving average of $33.04 and a 200 day simple moving average of $32.11. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The company's quarterly revenue was up 42.1% on a year-over-year basis. Equities analysts expect that Primo Brands will post 1.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the transaction, the director now owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This 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 the SEC website. 58.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primo Brands

A number of large investors have recently added to or reduced their stakes in PRMB. PNC Financial Services Group Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth about $252,000. Allspring Global Investments Holdings LLC bought a new stake in Primo Brands in the 4th quarter valued at approximately $111,169,000. Sei Investments Co. acquired a new position in Primo Brands during the 4th quarter worth approximately $10,548,000. Robeco Institutional Asset Management B.V. bought a new position in shares of Primo Brands during the 4th quarter worth approximately $4,350,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Primo Brands in the fourth quarter valued at approximately $2,272,000. 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.