Primo Brands (NYSE:PRMB) Research Coverage Started at Barclays

Barclays initiated coverage on shares of Primo Brands (NYSE:PRMB) in a research report released on Wednesday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $40.00 price objective on the stock.

A number of other brokerages have also recently commented on PRMB. Deutsche Bank Aktiengesellschaft boosted their price target on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. upped their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 target price on the stock. TD Securities began coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price on the stock. Finally, Mizuho began coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an “outperform” rating and a $43.00 target price on the stock. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands presently has a consensus rating of “Buy” and an average price target of $41.56.

Primo Brands Stock Performance

Shares of PRMB opened at $31.45 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The business’s 50 day moving average price is $32.70 and its 200-day moving average price is $32.15. Primo Brands has a 52 week low of $24.41 and a 52 week high of $35.85. The stock has a market cap of $11.84 billion, a P/E ratio of -393.06, a P/E/G ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS 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 firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. The firm’s quarterly revenue was up 42.1% on a year-over-year basis. Equities research analysts anticipate that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.27%. Primo Brands’s dividend payout ratio (DPR) is -500.00%.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the transaction, the director now owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 58.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRMB. SRS Capital Advisors Inc. purchased a new stake in Primo Brands during the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at approximately $30,000. Blue Trust Inc. purchased a new stake in Primo Brands during the fourth quarter valued at approximately $33,000. IFP Advisors Inc purchased a new stake in Primo Brands during the first quarter valued at approximately $40,000. Finally, Versant Capital Management Inc increased its holdings in Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock valued at $43,000 after buying an additional 906 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

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.