Primo Brands (NYSE:PRMB) Coverage Initiated by Analysts at Morgan Stanley

Analysts at Morgan Stanley assumed coverage on shares of Primo Brands (NYSE:PRMB - Get Free Report) in a research report issued on Wednesday, Marketbeat reports. The brokerage set an "overweight" rating and a $38.00 price target on the stock. Morgan Stanley's price objective would indicate a potential upside of 26.67% from the stock's current price.

PRMB has been the subject of several other research reports. Bank of America began coverage on Primo Brands in a research note on Wednesday, May 28th. They set a "buy" rating and a $42.00 target price for the company. Barclays reduced their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. 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 target price on the stock. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. Finally, Truist Financial initiated coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $41.00.

Primo Brands Stock Performance

PRMB traded up $0.44 on Wednesday, hitting $30.00. The company had a trading volume of 13,184,286 shares, compared to its average volume of 4,503,868. The stock has a market cap of $11.29 billion, a price-to-earnings ratio of -374.95, a price-to-earnings-growth ratio of 0.56 and a beta of 0.73. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The company's fifty day moving average price is $31.35 and its 200 day moving average price is $32.17. Primo Brands has a 1-year low of $24.41 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. Primo Brands's quarterly revenue was up 42.1% on a year-over-year basis. Equities analysts predict that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Insider Activity at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction on 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 sale, the director directly owned 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 58.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primo Brands

Several large investors have recently made changes to their positions in PRMB. SRS Capital Advisors Inc. bought a new stake in Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $30,000. IFP Advisors Inc bought a new stake in Primo Brands during the 1st quarter worth approximately $40,000. Versant Capital Management Inc increased its holdings in Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in Primo Brands in the 1st quarter valued at $43,000. Institutional investors 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.