Primo Brands Co. (NYSE:PRMB) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of Primo Brands Co. (NYSE:PRMB - Get Free Report) have been given a consensus rating of "Buy" by the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $41.71.

Several equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. upped their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Finally, TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company.

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction 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 completion of the transaction, the director now owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 58.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter valued at about $176,000. Dynamic Advisor Solutions LLC purchased a new position in shares of Primo Brands during the fourth quarter worth approximately $1,887,000. Drive Wealth Management LLC purchased a new position in shares of Primo Brands during the fourth quarter worth approximately $241,000. KBC Group NV bought a new position in Primo Brands in the fourth quarter worth approximately $49,585,000. Finally, R Squared Ltd bought a new position in Primo Brands in the fourth quarter worth approximately $42,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Trading Up 1.1%

PRMB stock traded up $0.35 during midday trading on Friday, hitting $32.22. The company's stock had a trading volume of 5,244,696 shares, compared to its average volume of 3,673,698. The stock has a market capitalization of $12.13 billion, a P/E ratio of -402.75, a PEG ratio of 0.78 and a beta of 0.83. Primo Brands has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The business has a 50-day simple moving average of $33.03.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm's quarterly revenue was up 42.1% on a year-over-year basis. Analysts expect that Primo Brands will post 1.13 earnings per share 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 issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.24%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is currently -500.00%.

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.