Shares of Primo Brands Corporation (NYSE:PRMB – Get Free Report) have been assigned an average rating of “Moderate Buy” from the fifteen ratings firms that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $28.25.
Several brokerages recently commented on PRMB. Morgan Stanley reiterated an “overweight” rating and set a $29.00 price target on shares of Primo Brands in a report on Friday, August 7th. TD boosted their target price on Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primo Brands in a research note on Friday, August 7th. JPMorgan Chase & Co. increased their price target on Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd.
Check Out Our Latest Analysis on Primo Brands
Primo Brands Stock Performance
Primo Brands (NYSE:PRMB – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. Primo Brands’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. As a group, equities research analysts predict that Primo Brands will post 1.27 EPS for the current fiscal year.
Primo Brands Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a $0.12 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.1%. Primo Brands’s dividend payout ratio (DPR) is presently 184.62%.
Insider Buying and Selling
In other news, CEO Eric J. Foss bought 84,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was acquired at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the transaction, the chief executive officer directly owned 573,806 shares in the company, valued at approximately $13,656,582.80. This trade represents a 17.15% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 32.90% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Primo Brands
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. One Rock Capital Partners LLC acquired a new stake in shares of Primo Brands in the fourth quarter worth $1,900,047,000. Viking Global Investors LP lifted its holdings in shares of Primo Brands by 17.5% in the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after buying an additional 3,431,854 shares during the period. Vanguard Group Inc. boosted its stake in shares of Primo Brands by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after buying an additional 1,053,185 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Primo Brands by 189.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after buying an additional 9,461,990 shares during the last quarter. Finally, William Blair Investment Management LLC grew its holdings in Primo Brands by 6.7% during the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock worth $206,458,000 after acquiring an additional 793,036 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.
Primo Brands Company Profile
Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.
Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.
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