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

Shares of Primo Brands Corporation (NYSE:PRMB) have earned a consensus rating of “Moderate Buy” from the fifteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $28.25.

PRMB has been the topic of several analyst reports. Royal Bank Of Canada raised their price target on shares of Primo Brands from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. TD boosted their price objective on shares of Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley reissued an “overweight” rating and set a $29.00 price objective on shares of Primo Brands in a research note on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Primo Brands in a research report on Friday, August 7th. Finally, Wall Street Zen raised shares of Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd.

Primo Brands Stock Down 1.4%

Shares of NYSE:PRMB opened at $20.55 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.71. The company has a market capitalization of $7.45 billion, a P/E ratio of 79.04, a P/E/G ratio of 1.43 and a beta of 0.73. Primo Brands has a 52-week low of $14.36 and a 52-week high of $26.21. The stock’s fifty day simple moving average is $23.40 and its 200-day simple moving average is $22.33.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.The firm had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the business posted $0.36 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that Primo Brands will post 1.27 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, August 24th. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Primo Brands’s dividend payout ratio (DPR) is 184.62%.

Insider Activity

In other Primo Brands news, CEO Eric Foss acquired 84,000 shares of the stock in a transaction dated Monday, August 10th. The stock was acquired 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 directly owned 573,806 shares in the company, valued at approximately $13,656,582.80. This trade represents a 17.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 32.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primo Brands

Several large investors have recently added to or reduced their stakes in the business. Heartland Advisors Inc. lifted its stake in shares of Primo Brands by 96.1% in the 4th quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock valued at $7,801,000 after purchasing an additional 233,803 shares in the last quarter. One Rock Capital Partners LLC acquired a new stake in Primo Brands during the 4th quarter worth approximately $1,900,047,000. Royal Bank of Canada increased its position in Primo Brands by 127.1% during the 1st quarter. Royal Bank of Canada now owns 130,877 shares of the company’s stock worth $2,464,000 after purchasing an additional 73,253 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Primo Brands by 350.3% in the second quarter. Assenagon Asset Management S.A. now owns 65,544 shares of the company’s stock valued at $1,602,000 after buying an additional 50,989 shares during the period. Finally, Clearline Capital LP raised its holdings in Primo Brands by 2,871.7% in the fourth quarter. Clearline Capital LP now owns 2,494,348 shares of the company’s stock valued at $40,783,000 after buying an additional 2,410,410 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Company Profile

Primo Brands Corporation (NYSE: PRMB) is a North American beverage company focused on providing bottled water, water dispensers, water filtration products and related hydration services. Its offerings include spring, purified and mineral water, as well as refillable and reusable water solutions for households, businesses and other organizations.

The company sells its products through retail, direct delivery and exchange programs, including home and office delivery and services connected with water dispensers.