Primo Brands Corporation (NYSE:PRMB) Receives $40.70 Average Target Price from Analysts

Shares of Primo Brands Corporation (NYSE:PRMB) have been given an average recommendation of “Buy” by the ten research firms that are presently covering the firm, Marketbeat reports. Ten research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $40.70.

Several research analysts recently weighed in on PRMB shares. Bank of America dropped their target price on shares of Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a report on Friday, July 11th. Truist Financial initiated coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective for the company. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target on the stock. Barclays cut their target price on Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. Finally, Morgan Stanley assumed coverage on shares of Primo Brands in a report on Wednesday, July 2nd. They set an “overweight” rating and a $38.00 price objective for the company.

Primo Brands Stock Performance

Shares of PRMB stock opened at $28.50 on Friday. The firm has a market capitalization of $10.73 billion, a PE ratio of -356.21, a P/E/G ratio of 0.54 and a beta of 0.73. The company has a 50 day moving average price of $30.75 and a 200-day moving average price of $32.08. Primo Brands has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The firm’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities research analysts expect that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.40%. Primo Brands’s dividend payout ratio (DPR) is -500.00%.

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was 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 owned 116,210,806 shares in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 58.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primo Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRMB. FMR LLC acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $653,019,000. Vanguard Group Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth $471,249,000. William Blair Investment Management LLC acquired a new stake in Primo Brands during the fourth quarter worth about $343,451,000. Boston Partners lifted its holdings in Primo Brands by 9,613.2% in the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock valued at $252,552,000 after acquiring an additional 7,044,263 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Primo Brands in the 1st quarter valued at $184,225,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Company Profile

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.