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

Primo Brands Corporation (NYSE:PRMB) has received an average recommendation of “Moderate Buy” from the fourteen brokerages that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $26.8333.

A number of brokerages have commented on PRMB. Barclays reduced their target price on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Wednesday, November 26th. TD Securities reduced their price objective on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research note on Friday, November 7th. BMO Capital Markets reissued an “outperform” rating and set a $35.00 target price on shares of Primo Brands in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Finally, Jefferies Financial Group initiated coverage on Primo Brands in a report on Friday, October 17th. They set a “hold” rating and a $23.00 price objective for the company.

Primo Brands Stock Down 1.5%

Shares of NYSE PRMB opened at $18.75 on Thursday. Primo Brands has a 12-month low of $14.36 and a 12-month high of $35.85. The stock’s fifty day simple moving average is $16.88 and its two-hundred day simple moving average is $21.11. The stock has a market capitalization of $6.94 billion, a PE ratio of -60.47, a price-to-earnings-growth ratio of 0.64 and a beta of 0.63. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. Primo Brands had a positive return on equity of 12.52% and a negative net margin of 1.30%.The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. Primo Brands’s revenue was up 35.3% on a year-over-year basis. As a group, analysts expect that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th were paid a $0.10 dividend. The ex-dividend date was Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Primo Brands announced that its board has approved a share repurchase plan on Monday, November 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Primo Brands news, Director Steven P. Stanbrook purchased 54,540 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the purchase, the director owned 181,601 shares of the company’s stock, valued at approximately $2,983,704.43. The trade was a 42.92% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael John Cramer acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average cost of $15.73 per share, with a total value of $78,650.00. Following the completion of the transaction, the director directly owned 17,762 shares in the company, valued at $279,396.26. The trade was a 39.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 203,469 shares of company stock worth $3,214,674 over the last ninety days. Insiders own 58.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dynamic Advisor Solutions LLC grew its position in Primo Brands by 1.2% during the third quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock valued at $1,040,000 after buying an additional 567 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Primo Brands in the second quarter worth about $26,000. US Bancorp DE boosted its stake in shares of Primo Brands by 47.2% during the 3rd quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after acquiring an additional 945 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after acquiring an additional 1,058 shares during the period. Finally, Caption Management LLC purchased a new position in shares of Primo Brands in the 3rd quarter valued at about $27,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

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.