Primo Brands Corporation (NYSE:PRMB) Receives $26.83 Average PT from Brokerages

Shares of Primo Brands Corporation (NYSE:PRMB) have received a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine 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 $26.8333.

Several brokerages have recently commented on PRMB. Barclays cut their price target on Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 26th. Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Bank of America dropped their price objective on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reduced their target price on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 18th. Finally, Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th.

Primo Brands Stock Down 0.2%

NYSE:PRMB opened at $18.93 on Thursday. Primo Brands has a twelve month low of $14.36 and a twelve month high of $35.85. The stock has a fifty day simple moving average of $17.04 and a 200-day simple moving average of $20.97. The company has a market cap of $7.01 billion, a price-to-earnings ratio of -61.06, a price-to-earnings-growth ratio of 0.64 and a beta of 0.63. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.41. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. Primo Brands’s revenue for the quarter was up 35.3% on a year-over-year basis. Analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Primo Brands declared that its Board of Directors has authorized a stock buyback program on Monday, November 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, November 25th. Primo Brands’s payout ratio is currently -129.03%.

Insiders Place Their Bets

In related news, CEO Eric J. Foss acquired 4,970 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was purchased at an average cost of $16.15 per share, with a total value of $80,265.50. Following the transaction, the chief executive officer directly owned 360,036 shares of the company’s stock, valued at $5,814,581.40. This trade represents a 1.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David W. Hass bought 15,910 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was bought at an average price of $15.71 per share, with a total value of $249,946.10. Following the completion of the purchase, the chief financial officer directly owned 64,745 shares in the company, valued at $1,017,143.95. This represents a 32.58% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRMB. Viking Global Investors LP grew its holdings in shares of Primo Brands by 17.5% during the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after buying an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. lifted its position in Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after acquiring an additional 1,053,185 shares during the period. William Blair Investment Management LLC grew its stake in Primo Brands by 11.6% during the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after purchasing an additional 1,231,701 shares during the last quarter. Boston Partners increased its holdings in shares of Primo Brands by 13.7% in the second quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after purchasing an additional 971,939 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

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.