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

Shares of Primo Brands Corporation (NYSE:PRMB) have been given a consensus recommendation of “Moderate Buy” by the thirteen analysts that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $26.3636.

A number of equities research analysts have issued reports on PRMB shares. Barclays upped their price objective on shares of Primo Brands from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. JPMorgan Chase & Co. upped their target price on Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Weiss Ratings raised Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada set a $28.00 price target on Primo Brands in a report on Thursday, April 9th.

Primo Brands Stock Performance

NYSE PRMB opened at $22.98 on Thursday. The company has a fifty day moving average price of $24.05 and a 200-day moving average price of $21.41. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 164.15, a PEG ratio of 1.99 and a beta of 0.73. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. Primo Brands has a 1 year low of $14.36 and a 1 year high of $28.48.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the business earned $0.29 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, equities research analysts predict that Primo Brands will post 1.25 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Monday, August 24th. Primo Brands’s dividend payout ratio is 342.86%.

Institutional Investors Weigh In On Primo Brands

Hedge funds have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd purchased a new position in shares of Primo Brands in the 1st quarter worth about $229,000. Caxton Associates LLP purchased a new stake in Primo Brands during the first quarter worth about $266,000. American Century Companies Inc. increased its holdings in Primo Brands by 9.3% during the second quarter. American Century Companies Inc. now owns 27,226 shares of the company’s stock worth $806,000 after buying an additional 2,318 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Primo Brands by 797.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 54,589 shares of the company’s stock worth $1,617,000 after acquiring an additional 48,509 shares during the period. Finally, Invesco Ltd. raised its position in Primo Brands by 29.1% in the second quarter. Invesco Ltd. now owns 301,535 shares of the company’s stock worth $8,931,000 after acquiring an additional 67,930 shares during the period. 87.71% of the stock is currently owned by institutional investors.

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.