Primo Brands Corporation (NYSE:PRMB) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Primo Brands Corporation (NYSE:PRMBGet Free Report) have been given an average rating of “Buy” by the nine brokerages that are covering the stock, MarketBeat Ratings reports. Nine analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have covered the stock in the last year is $41.33.

A number of equities analysts have commented on PRMB shares. Barclays cut their price objective on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Bank of America began coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They issued a “buy” rating and a $42.00 target price on the stock. Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 target price on the stock. Finally, TD Securities began coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price on the stock.

View Our Latest Stock Report on PRMB

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the sale, the director now owns 116,210,806 shares of the company’s stock, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 58.40% of the company’s stock.

Institutional Investors Weigh In On Primo Brands

Institutional investors have recently modified their holdings of the business. Ritholtz Wealth Management bought a new stake in shares of Primo Brands during the 1st quarter valued at about $608,000. PNC Financial Services Group Inc. bought a new stake in shares of Primo Brands during the 4th quarter valued at about $252,000. Sei Investments Co. bought a new stake in shares of Primo Brands during the 4th quarter valued at about $10,548,000. Quantinno Capital Management LP bought a new position in Primo Brands in the 4th quarter worth about $277,000. Finally, Principal Financial Group Inc. bought a new position in Primo Brands in the 4th quarter worth about $2,272,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

Shares of PRMB stock opened at $30.35 on Wednesday. Primo Brands has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The firm has a market capitalization of $11.42 billion, a P/E ratio of -379.27, a P/E/G ratio of 0.55 and a beta of 0.78. The company’s fifty day moving average price is $31.89 and its two-hundred day moving average price is $32.25.

Primo Brands (NYSE:PRMBGet Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The company’s quarterly revenue was up 42.1% compared to the same quarter last year. On average, research analysts anticipate that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.32%. Primo Brands’s dividend payout ratio (DPR) is presently -500.00%.

Primo Brands Company Profile

(Get Free Report

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.

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Analyst Recommendations for Primo Brands (NYSE:PRMB)

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