Brokerages Set Primo Brands Corporation (NYSE:PRMB) Price Target at $40.70

Primo Brands Corporation (NYSE:PRMB - Get Free Report) has been given a consensus recommendation of "Buy" by the ten brokerages that are presently covering the firm, MarketBeat reports. Ten investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have issued a report on the stock in the last year is $40.70.

Several analysts recently issued reports on the company. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Bank of America decreased their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Morgan Stanley assumed coverage on Primo Brands in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price on the stock. Finally, Barclays decreased their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th.

Insider Activity at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred on Monday, May 12th. The stock was 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 owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 58.40% of the company's stock.

Hedge Funds Weigh In On Primo Brands

A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC purchased a new position in Primo Brands during the 4th quarter valued at $653,019,000. Vanguard Group Inc. boosted its holdings in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after acquiring an additional 4,389,327 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of Primo Brands in the 4th quarter worth $343,451,000. Boston Partners lifted its holdings in shares of Primo Brands by 9,613.2% in the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after buying an additional 7,044,263 shares during the period. Finally, Eminence Capital LP lifted its holdings in shares of Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock worth $249,107,000 after buying an additional 2,284,912 shares during the period. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of NYSE PRMB traded up $0.10 during trading on Friday, hitting $28.60. The company had a trading volume of 4,495,709 shares, compared to its average volume of 4,571,035. The stock has a 50 day simple moving average of $30.75 and a 200 day simple moving average of $32.08. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. Primo Brands has a 12 month low of $24.41 and a 12 month high of $35.85. The firm has a market capitalization of $10.77 billion, a P/E ratio of -357.46, a price-to-earnings-growth ratio of 0.54 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company's revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, analysts anticipate that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is -500.00%.

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.