Primo Brands Corporation (NYSE:PRMB) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Primo Brands Corporation (NYSE:PRMB) have been given an average rating of “Buy” by the nine analysts that are currently covering the company, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $41.33.

PRMB has been the topic of a number of analyst reports. Mizuho initiated coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an “outperform” rating and a $43.00 price target on the stock. Barclays lowered their target price on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Bank of America began coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They set a “buy” rating and a $42.00 target price on the stock. Finally, 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 note on Friday, February 21st.

Primo Brands Stock Up 1.2%

NYSE:PRMB opened at $30.07 on Wednesday. The firm’s 50-day moving average price is $32.10 and its 200-day moving average price is $32.22. The company has a market capitalization of $11.32 billion, a PE ratio of -375.77, a P/E/G ratio of 0.54 and a beta of 0.78. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. Primo Brands has a 1-year low of $24.41 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The company’s revenue was up 42.1% on a year-over-year basis. On average, equities analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Friday, June 6th. Primo Brands’s dividend payout ratio (DPR) is presently -500.00%.

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 58.40% of the company’s stock.

Hedge Funds Weigh In On Primo Brands

Institutional investors have recently made changes to their positions in the business. SRS Capital Advisors Inc. purchased a new stake in Primo Brands in the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands in the 4th quarter worth approximately $30,000. Blue Trust Inc. purchased a new stake in Primo Brands in the 4th quarter worth approximately $33,000. IFP Advisors Inc purchased a new stake in Primo Brands in the 1st quarter worth approximately $40,000. Finally, Versant Capital Management Inc increased its holdings in Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock worth $43,000 after acquiring an additional 906 shares in the last quarter. 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.