Primo Brands Corporation (NYSE:PRMB) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Primo Brands Corporation (NYSE:PRMB) have been given a consensus rating of “Moderate Buy” by the fifteen ratings firms that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $28.25.

PRMB has been the topic of a number of research reports. Wall Street Zen raised shares of Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. JPMorgan Chase & Co. boosted their target price on Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Barclays boosted their target price on Primo Brands from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $29.00 target price on shares of Primo Brands in a research report on Friday, August 7th. Finally, TD raised their price target on Primo Brands from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th.

Primo Brands Stock Down 0.2%

Primo Brands stock opened at $24.65 on Monday. The firm has a market cap of $8.93 billion, a PE ratio of 94.80, a P/E/G ratio of 1.70 and a beta of 0.74. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The firm’s 50 day moving average price is $23.98 and its two-hundred day moving average price is $21.83. Primo Brands has a twelve month low of $14.36 and a twelve month high of $26.21.

Primo Brands (NYSE:PRMB) last released its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, research analysts predict that Primo Brands will post 1.27 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be issued a $0.12 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 1.9%. Primo Brands’s dividend payout ratio is currently 184.62%.

Insider Buying and Selling

In other Primo Brands news, CEO Eric J. Foss acquired 84,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the transaction, the chief executive officer owned 573,806 shares in the company, valued at $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 32.90% of the company’s stock.

Institutional Trading of Primo Brands

Institutional investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of Primo Brands during the 1st quarter worth $229,000. Caxton Associates LLP acquired a new stake in shares of Primo Brands in the 1st quarter valued at $266,000. American Century Companies Inc. lifted its stake in shares of Primo Brands by 9.3% in the 2nd quarter. American Century Companies Inc. now owns 27,226 shares of the company’s stock valued at $806,000 after purchasing an additional 2,318 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Primo Brands by 797.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 54,589 shares of the company’s stock worth $1,617,000 after purchasing an additional 48,509 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Primo Brands by 29.1% in the second quarter. Invesco Ltd. now owns 301,535 shares of the company’s stock worth $8,931,000 after purchasing an additional 67,930 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

About Primo Brands

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.