Primo Brands Corporation (PRMB) to Issue Quarterly Dividend of $0.10 on December 5th

Primo Brands Corporation (NYSE:PRMB) announced a quarterly dividend on Thursday, November 6th. Stockholders of record on Tuesday, November 25th will be given 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 2.8%. The ex-dividend date is Tuesday, November 25th.

Primo Brands has raised its dividend by an average of 0.2%per year over the last three years.

Primo Brands Trading Down 18.4%

Primo Brands stock opened at $14.45 on Friday. The company has a 50 day moving average price of $22.44 and a 200 day moving average price of $27.01. The firm has a market capitalization of $5.40 billion, a price-to-earnings ratio of -131.32, a P/E/G ratio of 0.61 and a beta of 0.72. Primo Brands has a 52 week low of $14.36 and a 52 week high of $35.85. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRMB. The Goldman Sachs Group initiated coverage on shares of Primo Brands in a research note on Thursday, September 11th. They issued a “neutral” rating and a $25.00 price target on the stock. Morgan Stanley lowered their price target on Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, August 11th. TD Securities reduced their target price on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research note on Friday. Bank of America cut their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 8th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a report on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Primo Brands presently has an average rating of “Moderate Buy” and an average price target of $31.83.

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.