Primo Brands (NYSE:PRMB) Price Target Lowered to $19.00 at Deutsche Bank Aktiengesellschaft

Primo Brands (NYSE:PRMB) had its price target trimmed by Deutsche Bank Aktiengesellschaft from $24.00 to $19.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a hold rating on the stock.

Several other research firms have also recently weighed in on PRMB. Jefferies Financial Group raised shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Friday. Royal Bank Of Canada upped their price objective on Primo Brands to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. Zacks Research raised Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Barclays lifted their target price on Primo Brands from $21.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Finally, Mizuho upped their price target on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, March 5th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $26.83.

Primo Brands Stock Up 1.3%

Shares of PRMB opened at $18.48 on Monday. Primo Brands has a 52-week low of $14.36 and a 52-week high of $35.85. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. The stock has a fifty day simple moving average of $19.70 and a two-hundred day simple moving average of $19.17. The company has a market capitalization of $6.71 billion, a PE ratio of 123.23, a price-to-earnings-growth ratio of 1.32 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the company posted $0.13 EPS. The company’s revenue was up 11.2% compared to the same quarter last year. As a group, equities analysts forecast that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Friday, March 6th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date was Friday, March 6th. Primo Brands’s dividend payout ratio (DPR) is presently 266.67%.

Institutional Investors Weigh In On Primo Brands

A number of hedge funds have recently added to or reduced their stakes in PRMB. One Rock Capital Partners LLC acquired a new position in shares of Primo Brands in the fourth quarter worth $1,900,047,000. Viking Global Investors LP raised its stake in shares of Primo Brands by 290.2% in the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after acquiring an additional 14,578,589 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake 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 valued at $236,333,000 after acquiring an additional 9,461,990 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after purchasing an additional 5,640,287 shares during the period. Finally, Alyeska Investment Group L.P. boosted its holdings in Primo Brands by 622.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company’s stock valued at $101,690,000 after purchasing an additional 5,358,687 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Company Profile

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.