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

Primo Brands Corporation (NYSE:PRMB) has received an average recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $25.9091.

Several research firms recently issued reports on PRMB. JPMorgan Chase & Co. cut their price target on shares of Primo Brands from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, May 4th. Mizuho increased their target price on Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, March 5th. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Zacks Research raised Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th.

Primo Brands Trading Up 2.0%

Shares of Primo Brands stock opened at $25.00 on Friday. Primo Brands has a 1 year low of $14.36 and a 1 year high of $30.98. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98. The company has a market capitalization of $9.07 billion, a P/E ratio of 178.58, a PEG ratio of 2.11 and a beta of 0.73. The company’s fifty day moving average is $23.15 and its two-hundred day moving average is $20.41.

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

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands’s payout ratio is 342.86%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. One Rock Capital Partners LLC purchased a new stake in Primo Brands during the 4th quarter worth about $1,900,047,000. Viking Global Investors LP boosted its stake in shares of Primo Brands by 17.5% during the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock worth $509,051,000 after purchasing an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after purchasing an additional 1,053,185 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Primo Brands by 189.5% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after buying an additional 9,461,990 shares in the last quarter. Finally, William Blair Investment Management LLC grew its holdings in shares of Primo Brands by 6.7% during the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock worth $206,458,000 after buying an additional 793,036 shares in the last quarter. 87.71% of the stock is owned by hedge funds and other 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.