Primo Brands Corporation Declares Quarterly Dividend of $0.12 (NYSE:PRMB)

Key Points

• Primo Brands declared a quarterly dividend of $0.12 per share, payable September 8 to shareholders of record as of August 24. The dividend implies an annualized yield of approximately 2.1%.
• Shares fell 2.4% to $22.98 in Wednesday trading. The company has a market capitalization of $8.34 billion and trades at a notably high price-to-earnings ratio of 164.15.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $26.36. Recent targets from Barclays and JPMorgan were raised to $27 and $29, respectively.

Primo Brands Corporation (NYSE:PRMB - Get Free Report) declared a quarterly dividend on Wednesday, July 29th. Stockholders of record on Monday, August 24th will be given a dividend of 0.12 per share on Tuesday, September 8th. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Monday, August 24th.

Primo Brands has decreased its dividend payment by an average of 0.0%annually over the last three years.

Primo Brands Trading Down 2.4%

Shares of Primo Brands stock traded down $0.56 during trading on Wednesday, reaching $22.98. 2,303,949 shares of the company were exchanged, compared to its average volume of 4,584,040. The business has a 50-day moving average price of $24.04 and a 200-day moving average price of $21.37. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 164.15, a P/E/G ratio of 1.93 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. Primo Brands has a twelve month low of $14.36 and a twelve month high of $28.48.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the business posted $0.29 EPS. Primo Brands's quarterly revenue was up .8% on a year-over-year basis. Sell-side analysts anticipate that Primo Brands will post 1.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PRMB shares. Wall Street Zen raised Primo Brands from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Barclays boosted their price target on Primo Brands from $25.00 to $27.00 and gave the company an "overweight" rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. increased their target price on shares of Primo Brands from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Royal Bank Of Canada set a $28.00 price target on Primo Brands in a research note on Thursday, April 9th. Finally, Weiss Ratings raised shares of Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Primo Brands has a consensus rating of "Moderate Buy" and a consensus target price of $26.36.

About Primo Brands

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.