Primo Brands (NYSE:PRMB) Now Covered by Analysts at Barclays

Barclays initiated coverage on shares of Primo Brands (NYSE:PRMB - Free Report) in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage issued an overweight rating and a $40.00 price objective on the stock.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. boosted their price target on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Bank of America initiated coverage on Primo Brands in a research note on Wednesday, May 28th. They issued a "buy" rating and a $42.00 target price for the company. Truist Financial started 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 raised their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Mizuho assumed coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $41.56.

Primo Brands Price Performance

NYSE PRMB traded up $0.66 on Wednesday, hitting $31.45. 7,244,264 shares of the company were exchanged, compared to its average volume of 3,818,648. 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 has a 1-year low of $24.41 and a 1-year high of $35.85. The company has a market cap of $11.84 billion, a P/E ratio of -393.06, a P/E/G ratio of 0.78 and a beta of 0.83. The firm has a 50 day moving average of $32.70 and a two-hundred day moving average of $32.17.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. The firm's quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities analysts predict that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.27%. Primo Brands's dividend payout ratio is presently -500.00%.

Insider Activity

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction 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 trade represents a 30.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 58.40% of the company's stock.

Hedge Funds Weigh In On Primo Brands

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC acquired a new position in shares of Primo Brands in the fourth quarter worth $653,019,000. Vanguard Group Inc. boosted its holdings in Primo Brands by 28.7% in the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after purchasing an additional 4,389,327 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Primo Brands in the fourth quarter valued at about $343,451,000. Boston Partners raised its stake in Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after buying an additional 7,044,263 shares in the last quarter. Finally, Eminence Capital LP grew its holdings in shares of Primo Brands by 48.3% during the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock valued at $249,107,000 after purchasing an additional 2,284,912 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

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.