Analysts Set Primo Brands Co. (NYSE:PRMB) Target Price at $41.71

Shares of Primo Brands Co. (NYSE:PRMB) have been given an average rating of “Buy” by the eight brokerages that are presently covering the company, MarketBeat reports. Eight investment analysts have rated the stock with a buy recommendation. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $41.75.

PRMB has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Bank of America started coverage on shares of Primo Brands in a research report on Wednesday. They set a “buy” rating and a $42.00 price target for the company. TD Securities started coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target for the company. Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an “outperform” rating and a $43.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th.

Insider Activity

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 58.40% of the company’s stock.

Institutional Trading of Primo Brands

A number of institutional investors have recently bought and sold shares of PRMB. FMR LLC bought a new stake in shares of Primo Brands during the fourth quarter worth $653,019,000. Vanguard Group Inc. bought a new stake in shares of Primo Brands during the fourth quarter worth $471,249,000. William Blair Investment Management LLC bought a new stake in shares of Primo Brands during the fourth quarter worth $343,451,000. Boston Partners lifted its position in shares of Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock worth $252,552,000 after purchasing an additional 7,044,263 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Primo Brands during the first quarter worth $184,225,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $32.70 on Friday. Primo Brands has a 1 year low of $24.41 and a 1 year high of $35.85. The stock has a 50-day moving average price of $33.03. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.31 billion, a PE ratio of -408.75, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. The business’s revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities analysts expect that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.22%. Primo Brands’s dividend payout ratio is currently -500.00%.

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.