Primo Brands Co. (NYSE:PRMB) Receives Average Rating of "Buy" from Brokerages

Primo Brands Co. (NYSE:PRMB - Get Free Report) has earned a consensus recommendation of "Buy" from the eight research firms that are presently covering the company, MarketBeat Ratings reports. Eight analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have covered the stock in the last year is $41.75.

Several research firms have weighed in on PRMB. Mizuho began coverage on shares of Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. Truist Financial began coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Bank of America began coverage on shares of Primo Brands in a research report on Wednesday. They issued a "buy" rating and a $42.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st.

Primo Brands Price Performance

Primo Brands stock traded down $0.15 during midday trading on Friday, reaching $32.57. 743,781 shares of the company traded hands, compared to its average volume of 4,013,563. The stock has a market cap of $12.26 billion, a price-to-earnings ratio of -406.75, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The company's 50 day simple moving average is $33.03. Primo Brands has a 12 month low of $20.16 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

Primo Brands (NYSE:PRMB - Get Free Report) last released 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 business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The firm's revenue was up 42.1% compared to the same quarter last year. As a group, equities analysts forecast that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 58.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Primo Brands

Several institutional investors have recently bought and sold shares of PRMB. SRS Capital Advisors Inc. purchased a new position in Primo Brands during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at $30,000. Blue Trust Inc. purchased a new position in Primo Brands during the fourth quarter valued at $33,000. IFP Advisors Inc purchased a new position in Primo Brands during the first quarter valued at $40,000. Finally, R Squared Ltd bought a new stake in Primo Brands in the fourth quarter worth $42,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

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.