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

Shares of Primo Brands Corporation (NYSE:PRMB - Get Free Report) have been assigned an average recommendation of "Buy" from the nine analysts that are presently covering the firm, Marketbeat reports. Nine investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $41.33.

Several research firms have recently weighed in on PRMB. JPMorgan Chase & Co. lifted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Mizuho began coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. Finally, TD Securities began coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company.

Primo Brands Stock Performance

Shares of PRMB stock opened at $30.07 on Wednesday. The firm has a market cap of $11.32 billion, a price-to-earnings ratio of -375.77, a P/E/G ratio of 0.54 and a beta of 0.78. 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 52 week low of $24.41 and a 52 week high of $35.85. The firm's 50-day simple moving average is $32.10 and its two-hundred day simple moving average is $32.22.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business's quarterly revenue was up 42.1% on a year-over-year basis. As a group, equities analysts forecast that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.33%. Primo Brands's dividend payout ratio is currently -500.00%.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the sale, the director now directly 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 filing with the SEC, which is available through this link. 58.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC purchased a new stake in shares of Primo Brands in the 4th quarter worth about $653,019,000. Vanguard Group Inc. grew its position in shares of Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after buying 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 about $343,451,000. Boston Partners grew its position 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 grew its position 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. 87.71% of the stock is owned by hedge funds and other institutional investors.

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.

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.