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

Shares of Primo Brands Corporation (NYSE:PRMB) have earned a consensus rating of “Moderate Buy” from the fourteen analysts that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $26.8333.

Several analysts recently weighed in on the company. The Goldman Sachs Group decreased their target price on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. Royal Bank Of Canada cut their price target on Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, November 4th. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. TD Securities dropped their target price on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $35.00 price target on shares of Primo Brands in a report on Friday, January 23rd.

Hedge Funds Weigh In On Primo Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. iA Global Asset Management Inc. increased its position in shares of Primo Brands by 102.7% in the third quarter. iA Global Asset Management Inc. now owns 346,570 shares of the company’s stock valued at $7,659,000 after acquiring an additional 175,620 shares during the last quarter. WINTON GROUP Ltd bought a new position in Primo Brands in the second quarter valued at approximately $3,255,000. KBC Group NV increased its position in shares of Primo Brands by 0.7% during the 2nd quarter. KBC Group NV now owns 2,066,527 shares of the company’s stock worth $61,211,000 after purchasing an additional 15,299 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Primo Brands by 249.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock worth $1,719,000 after purchasing an additional 55,505 shares during the last quarter. Finally, Fortress Investment Group LLC bought a new stake in shares of Primo Brands during the 2nd quarter worth approximately $1,823,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 0.3%

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

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

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be given a dividend of $0.12 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, March 6th. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Primo Brands’s dividend payout ratio is currently -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.