Primo Brands Corporation (NYSE:PRMB) Declares $0.10 Quarterly Dividend

Key Points

• Primo Brands Corporation declared a quarterly dividend of $0.10 per share, which will be paid on September 4th to investors of record on August 21st, yielding 1.7% annually.
• The company's stock has seen a decline of 1.3%, trading at $23.68, with a notable debt-to-equity ratio of 1.49 and recent earnings reported at $0.36 per share, missing analysts' expectations.
• Brokerages have adjusted their price targets for Primo Brands, with the average target price now at $37.90 and a consensus rating of "Moderate Buy" among analysts.

Primo Brands Corporation (NYSE:PRMB - Get Free Report) announced a quarterly dividend on Friday, August 8th, Wall Street Journal reports. Investors of record on Thursday, August 21st will be given a dividend of 0.10 per share on Thursday, September 4th. This represents a c) annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Thursday, August 21st.

Primo Brands Stock Down 1.3%

NYSE:PRMB traded down $0.32 during mid-day trading on Friday, reaching $23.68. The company's stock had a trading volume of 10,649,791 shares, compared to its average volume of 5,233,872. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. Primo Brands has a 1 year low of $21.36 and a 1 year high of $35.85. The stock has a fifty day moving average of $29.30 and a 200-day moving average of $31.66. The firm has a market capitalization of $8.91 billion, a PE ratio of -295.96, a price-to-earnings-growth ratio of 0.50 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The company's revenue was up 31.6% compared to the same quarter last year. Equities research analysts forecast that Primo Brands will post 1.13 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on PRMB. Barclays dropped their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Royal Bank Of Canada lowered their price target on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a report on Friday. TD Securities reduced their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday. Bank of America lowered their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a report on Friday. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.90.

Primo Brands Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.