Primo Brands Corporation (NYSE:PRMB) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Primo Brands Corporation (NYSE:PRMB) have earned an average recommendation of “Moderate Buy” from the fourteen analysts that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $30.75.

A number of analysts have recently weighed in on the company. TD Securities lowered their target price on Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Barclays decreased their price objective on shares of Primo Brands from $29.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. The Goldman Sachs Group started coverage on shares of Primo Brands in a research note on Thursday, September 11th. They issued a “neutral” rating and a $25.00 target price for the company. Bank of America decreased their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Finally, Mizuho lowered their price target on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Tuesday, October 28th.

Primo Brands Stock Performance

NYSE:PRMB opened at $15.24 on Friday. The stock has a market capitalization of $5.64 billion, a P/E ratio of -138.55, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands has a 1 year low of $14.36 and a 1 year high of $35.85. The firm has a 50 day moving average of $21.00 and a 200-day moving average of $26.02.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands’s quarterly revenue was up 35.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands announced that its board has authorized a share repurchase program on Monday, November 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.6%. Primo Brands’s payout ratio is presently -129.03%.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Michael John Cramer acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average cost of $15.73 per share, for a total transaction of $78,650.00. Following the completion of the acquisition, the director directly owned 17,762 shares of the company’s stock, valued at approximately $279,396.26. This represents a 39.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David W. Hass bought 15,910 shares of the stock in a transaction on Tuesday, November 11th. The shares were acquired at an average cost of $15.71 per share, with a total value of $249,946.10. Following the acquisition, the chief financial officer directly owned 64,745 shares in the company, valued at approximately $1,017,143.95. This trade represents a 32.58% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 203,469 shares of company stock worth $3,214,674 in the last ninety days. 58.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Viking Global Investors LP increased its holdings in Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after purchasing an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after buying an additional 4,389,327 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of Primo Brands by 11.6% during the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock worth $261,540,000 after buying an additional 1,231,701 shares during the period. Boston Partners grew its position in shares of Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after buying an additional 971,939 shares during the period. Finally, Eminence Capital LP increased its stake in shares of Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock valued at $249,107,000 after acquiring an additional 2,284,912 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

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.