Primo Brands Corporation (NYSE:PRMB) Receives $34.00 Average Target Price from Brokerages

Primo Brands Corporation (NYSE:PRMB) has been assigned a consensus rating of “Moderate Buy” from the fourteen research firms that are presently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $34.00.

Several equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Zacks Research raised Primo Brands from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Primo Brands in a report on Wednesday, October 8th. Jefferies Financial Group assumed coverage on Primo Brands in a report on Friday, October 17th. They set a “hold” rating and a $23.00 target price for the company. Finally, The Goldman Sachs Group assumed coverage on Primo Brands in a report on Thursday, September 11th. They set a “neutral” rating and a $25.00 target price for the company.

Insider Activity at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek purchased 8,285 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer owned 586,349 shares of the company’s stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven P. Stanbrook purchased 12,400 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares of the company’s stock, valued at $3,005,601. This trade represents a 11.01% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 24,685 shares of company stock valued at $595,770. Company insiders own 58.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company’s stock valued at $50,205,000 after buying an additional 96,366 shares during the period. Amalgamated Bank raised its position in Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company’s stock valued at $244,000 after buying an additional 1,488 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company’s stock valued at $478,000 after buying an additional 1,656 shares during the period. Axiom Investors LLC DE acquired a new position in Primo Brands during the first quarter valued at $115,081,000. Finally, Sei Investments Co. increased its position in Primo Brands by 8.7% in the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company’s stock worth $13,228,000 after purchasing an additional 29,939 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Trading Up 0.8%

Shares of Primo Brands stock opened at $22.51 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm has a market cap of $8.41 billion, a price-to-earnings ratio of -204.59, a price-to-earnings-growth ratio of 0.60 and a beta of 0.76. The business has a fifty day simple moving average of $23.20 and a 200-day simple moving average of $27.76. Primo Brands has a fifty-two week low of $21.37 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands’s payout ratio is presently -363.64%.

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.