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

Primo Brands Corporation (NYSE:PRMB) has earned an average recommendation of “Moderate Buy” from the fourteen research firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $26.8333.

A number of brokerages have weighed in on PRMB. JPMorgan Chase & Co. lowered their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, December 18th. Barclays decreased their price target on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Wednesday, November 26th. Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. TD Securities reduced their price objective on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Finally, Zacks Research lowered shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th.

Institutional Investors Weigh In On Primo Brands

Hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in Primo Brands by 13.5% in the 4th quarter. Invesco Ltd. now owns 328,023 shares of the company’s stock worth $5,363,000 after purchasing an additional 39,015 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of Primo Brands by 189.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after acquiring an additional 9,461,990 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Primo Brands during the fourth quarter valued at approximately $2,614,000. SummitTX Capital L.P. purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $399,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $1,388,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Primo Brands stock opened at $18.75 on Monday. The company has a market cap of $6.94 billion, a price-to-earnings ratio of -60.49, a price-to-earnings-growth ratio of 0.67 and a beta of 0.63. Primo Brands has a 12 month low of $14.36 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86. The stock’s 50-day moving average is $17.95 and its 200-day moving average is $19.95.

Primo Brands declared that its board has initiated a stock buyback program on Monday, November 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio (DPR) is presently -129.03%.

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.