Primo Brands Co. (NYSE:PRMB) Receives $41.71 Average Target Price from Analysts

Primo Brands Co. (NYSE:PRMB) has been given a consensus recommendation of “Buy” by the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Eight analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have issued a report on the stock in the last year is $41.75.

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

Primo Brands Stock Performance

Primo Brands stock opened at $33.09 on Friday. The stock has a 50-day simple moving average of $33.04 and a 200 day simple moving average of $32.11. The stock has a market capitalization of $12.46 billion, a price-to-earnings ratio of -413.63, a P/E/G ratio of 0.78 and a beta of 0.83. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands has a 12-month low of $24.41 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data 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 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. The business’s revenue was up 42.1% compared to the same quarter last year. On average, research analysts anticipate that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, June 6th. Primo Brands’s dividend payout ratio (DPR) is currently -500.00%.

Insider Activity

In other news, Director Tony W. Lee sold 50,657,562 shares of the business’s stock in a transaction on Monday, May 12th. The shares were 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 now owns 116,210,806 shares of the company’s stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 58.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SRS Capital Advisors Inc. bought a new stake in shares of Primo Brands during the fourth quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. bought a new position in Primo Brands during the 4th quarter worth about $33,000. IFP Advisors Inc bought a new position in Primo Brands during the 1st quarter worth about $40,000. Finally, R Squared Ltd acquired a new stake in shares of Primo Brands in the 4th quarter valued at about $42,000. 87.71% of the stock is currently owned by 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.