Primo Brands Corporation (NYSE:PRMB) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Primo Brands Corporation (NYSE:PRMB) have earned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $30.75.

A number of research firms have weighed in on PRMB. JPMorgan Chase & Co. cut their target price on Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. TD Securities cut their price objective on Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a report on Friday, November 7th. Morgan Stanley decreased their target price on Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, August 11th. Mizuho dropped their price target on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 28th. Finally, Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th.

Insider Buying and Selling

In related news, CFO David W. Hass bought 15,910 shares of Primo Brands stock in a transaction dated Tuesday, November 11th. The stock was acquired at an average cost of $15.71 per share, with a total value of $249,946.10. Following the completion of the acquisition, the chief financial officer directly owned 64,745 shares in the company, valued at approximately $1,017,143.95. This trade represents a 32.58% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric J. Foss purchased 4,970 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was bought at an average price 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 in the company, valued at $5,814,581.40. This trade represents a 1.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders acquired 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is owned by insiders.

Institutional Trading of Primo Brands

A number of hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Primo Brands in the 2nd quarter worth approximately $26,000. Caption Management LLC acquired a new stake in shares of Primo Brands during the 3rd quarter worth approximately $27,000. IFP Advisors Inc acquired a new stake in Primo Brands during the first quarter worth $40,000. New Age Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the 1st quarter valued at about $43,000. Finally, Byrne Asset Management LLC bought a new stake in shares of Primo Brands in the 3rd quarter valued at approximately $47,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Price Performance

Shares of PRMB opened at $16.40 on Friday. Primo Brands has a one year low of $14.36 and a one year high of $35.85. The stock’s fifty day moving average is $21.54 and its 200-day moving average is $26.43. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of -149.13, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. The business’s quarterly revenue was up 35.3% compared to the same quarter last year. Equities analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Primo Brands declared that its board has initiated a stock buyback plan on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be given a $0.10 dividend. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.4%. Primo Brands’s payout ratio is -129.03%.

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.