Primo Brands Corporation (NYSE:PRMB) Declares Quarterly Dividend of $0.10

Primo Brands Corporation (NYSE:PRMB) announced a quarterly dividend on Thursday, November 6th. Stockholders of record on Tuesday, November 25th will be paid a dividend of 0.10 per share on Friday, December 5th. This represents a c) dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, November 25th.

Primo Brands has increased its dividend by an average of 0.2%annually over the last three years.

Primo Brands Trading Down 21.7%

Primo Brands stock traded down $4.91 during midday trading on Thursday, hitting $17.75. 21,482,991 shares of the stock were exchanged, compared to its average volume of 5,101,157. Primo Brands has a fifty-two week low of $17.50 and a fifty-two week high of $35.85. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of -161.36, a PEG ratio of 0.61 and a beta of 0.72. The stock’s 50-day simple moving average is $22.80 and its 200 day simple moving average is $27.19. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. The firm’s revenue was up 35.3% on a year-over-year basis. On average, equities analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on PRMB. Royal Bank Of Canada set a $37.00 price objective on shares of Primo Brands and gave the stock an “outperform” rating in a research report on Tuesday. The Goldman Sachs Group assumed coverage on shares of Primo Brands in a research report on Thursday, September 11th. They set a “neutral” rating and a $25.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Morgan Stanley lowered their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, August 11th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Primo Brands currently has an average rating of “Moderate Buy” and an average price target of $33.08.

About Primo Brands

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.