Primo Brands (NYSE:PRMB) Shares Up 12.7% – Should You Buy?

Primo Brands Corporation (NYSE:PRMB) shares traded up 12.7% during trading on Thursday . The company traded as high as $22.20 and last traded at $22.3050. 1,635,189 shares changed hands during trading, a decline of 69% from the average session volume of 5,339,026 shares. The stock had previously closed at $19.80.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Royal Bank Of Canada set a $28.00 price objective on Primo Brands in a research note on Thursday, April 9th. Mizuho increased their price objective on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, March 5th. BMO Capital Markets reissued an “outperform” rating and issued a $35.00 price target on shares of Primo Brands in a research note on Friday, January 23rd. Barclays decreased their price target on Primo Brands from $27.00 to $24.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 14th. Finally, Jefferies Financial Group raised Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Friday, March 27th. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Primo Brands presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.82.

Primo Brands Trading Up 12.2%

The business has a 50 day simple moving average of $20.08 and a 200-day simple moving average of $18.72. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. The stock has a market capitalization of $8.07 billion, a price-to-earnings ratio of 148.09, a price-to-earnings-growth ratio of 1.62 and a beta of 0.66.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the business posted $0.29 earnings per share. The firm’s quarterly revenue was up .8% on a year-over-year basis. On average, equities analysts predict that Primo Brands Corporation will post 1.28 earnings per share for the current year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is 320.00%.

Hedge Funds Weigh In On Primo Brands

Large investors have recently modified their holdings of the company. Caption Management LLC purchased a new position in shares of Primo Brands in the 3rd quarter worth about $27,000. LRI Investments LLC raised its holdings in shares of Primo Brands by 203.1% in the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after purchasing an additional 1,306 shares during the period. Picton Mahoney Asset Management raised its holdings in shares of Primo Brands by 65.2% in the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after purchasing an additional 850 shares during the period. Quarry LP raised its holdings in shares of Primo Brands by 516.6% in the 4th quarter. Quarry LP now owns 2,380 shares of the company’s stock worth $39,000 after purchasing an additional 1,994 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Primo Brands by 21,481.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company’s stock worth $39,000 after purchasing an additional 2,363 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

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.