Primo Brands Corporation (NYSE:PRMB) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Primo Brands Corporation (NYSE:PRMB) has received a consensus rating of "Moderate Buy" from 14 brokerages, with an average 12-month price target of $34.00.
• Insider transactions indicate significant investment in the company, with two directors purchasing a total of 16,400 shares valued at about $395,000 recently.
• The company reported a loss in quarterly EPS of $0.36, missing estimates by $0.05, but showed a year-over-year revenue increase of 31.6% to $1.73 billion.

Shares of Primo Brands Corporation (NYSE:PRMB - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the fourteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $34.00.

Several brokerages have weighed in on PRMB. The Goldman Sachs Group began coverage on Primo Brands in a report on Thursday, September 11th. They set a "neutral" rating and a $25.00 price objective for the company. Zacks Research raised Primo Brands from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. TD Securities reduced their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Weiss Ratings reissued a "hold (c-)" rating on shares of Primo Brands in a report on Wednesday, October 8th. Finally, Mizuho reduced their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th.

Insider Transactions at Primo Brands

In related news, Director Michael John Cramer purchased 4,000 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director directly owned 12,762 shares of the company's stock, valued at approximately $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director directly owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 24,685 shares of company stock valued at $595,770 over the last three months. Company insiders own 58.40% of the company's stock.

Hedge Funds Weigh In On Primo Brands

A number of large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its holdings in shares of Primo Brands by 11.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 4,245,917 shares of the company's stock worth $93,028,000 after acquiring an additional 443,304 shares during the period. Ethic Inc. boosted its holdings in shares of Primo Brands by 23.8% in the third quarter. Ethic Inc. now owns 9,462 shares of the company's stock worth $209,000 after acquiring an additional 1,816 shares during the period. Blue Trust Inc. bought a new position in shares of Primo Brands in the third quarter worth $57,000. Farther Finance Advisors LLC raised its position in shares of Primo Brands by 604.1% in the third quarter. Farther Finance Advisors LLC now owns 5,161 shares of the company's stock worth $114,000 after buying an additional 4,428 shares in the last quarter. Finally, Harbour Capital Advisors LLC raised its position in shares of Primo Brands by 68.3% in the third quarter. Harbour Capital Advisors LLC now owns 15,316 shares of the company's stock worth $336,000 after buying an additional 6,216 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Performance

Shares of PRMB opened at $22.19 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $8.29 billion, a price-to-earnings ratio of -201.76, a PEG ratio of 0.58 and a beta of 0.76. The stock has a 50 day moving average of $23.42 and a 200 day moving average of $28.14. Primo Brands has a 12 month low of $21.37 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.36 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 analysts' expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm's revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's dividend payout ratio is -363.64%.

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.

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