Primo Brands Corporation (NYSE:PRMB) Given Average Rating of "Buy" by Brokerages

Shares of Primo Brands Corporation (NYSE:PRMB - Get Free Report) have been assigned an average recommendation of "Buy" from the nine research firms that are covering the stock, Marketbeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have covered the stock in the last year is $41.33.

A number of equities research analysts have recently commented on PRMB shares. Truist Financial began coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Mizuho began coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target on the stock. Finally, Barclays cut their target price 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.

Insider Activity

In related news, Director Tony W. Lee sold 50,657,562 shares of the company's 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 sale, the director now owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 58.40% of the company's stock.

Institutional Investors Weigh In On Primo Brands

A number of large investors have recently bought and sold shares of PRMB. Vontobel Holding Ltd. acquired a new stake in Primo Brands during the 4th quarter valued at $236,000. New York State Teachers Retirement System purchased a new position in shares of Primo Brands during the 4th quarter worth $441,000. Blue Trust Inc. purchased a new position in shares of Primo Brands during the 4th quarter worth $33,000. Rhumbline Advisers purchased a new position in shares of Primo Brands during the 4th quarter worth $7,962,000. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Primo Brands during the 4th quarter worth $3,300,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Up 1.1%

NYSE:PRMB traded up $0.34 during trading hours on Wednesday, reaching $30.35. The company's stock had a trading volume of 6,813,174 shares, compared to its average volume of 4,077,773. The company has a market capitalization of $11.42 billion, a P/E ratio of -379.27, a price-to-earnings-growth ratio of 0.55 and a beta of 0.77. Primo Brands has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The stock has a 50 day moving average price of $31.89 and a two-hundred day moving average price of $32.23.

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

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.32%. Primo Brands's dividend payout ratio is presently -500.00%.

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.