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

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

A number of other brokerages have also commented on PRMB. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. Mizuho lifted their price objective on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, March 5th. Royal Bank Of Canada upped their target price on Primo Brands to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, February 24th. Jefferies Financial Group raised Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Friday, March 27th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $35.00 target price on shares of Primo Brands in a research note on Friday, January 23rd. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $18.85 on Monday. The firm has a market cap of $6.84 billion, a PE ratio of 125.64, a price-to-earnings-growth ratio of 1.45 and a beta of 0.61. Primo Brands has a 12-month low of $14.36 and a 12-month high of $35.75. 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 company’s fifty day simple moving average is $19.70 and its two-hundred day simple moving average is $19.13.

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

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Shareholders of record on Friday, March 6th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.5%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Friday, March 6th. Primo Brands’s dividend payout ratio is presently 266.67%.

Hedge Funds Weigh In On Primo Brands

A number of hedge funds have recently bought and sold shares of PRMB. One Rock Capital Partners LLC bought a new position in Primo Brands in the 4th quarter valued at approximately $1,900,047,000. Viking Global Investors LP increased its holdings in shares of Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after purchasing 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 worth $236,333,000 after purchasing an additional 9,461,990 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in shares of 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 worth $101,690,000 after purchasing an additional 5,358,687 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

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.