Primo Brands Corporation (NYSE:PRMB) Receives Average Recommendation of "Buy" from Analysts

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

Several research firms recently weighed in on PRMB. Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. TD Securities began coverage on Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Barclays reduced their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Morgan Stanley assumed coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price target on the stock. Finally, Truist Financial started coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company.

Primo Brands Price Performance

Shares of PRMB opened at $28.65 on Friday. The company's 50-day moving average is $30.93 and its 200-day moving average is $32.11. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The firm has a market capitalization of $10.78 billion, a PE ratio of -358.08, a PEG ratio of 0.54 and a beta of 0.73. Primo Brands has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

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

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were issued a dividend of $0.10 per share. 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 presently -500.00%.

Insider Buying and Selling

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction 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 transaction, the director owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 58.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Primo Brands

A number of hedge funds have recently added to or reduced their stakes in PRMB. Steward Partners Investment Advisory LLC acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $201,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth $36,995,000. PNC Financial Services Group Inc. acquired a new stake in Primo Brands in the fourth quarter valued at $252,000. AlphaQuest LLC bought a new position in Primo Brands during the 4th quarter worth $249,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Primo Brands during the 4th quarter worth about $1,336,000. Institutional investors and hedge funds own 87.71% of the company's stock.

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.

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