Primo Brands Corporation (NYSE:PRMB) Receives $30.75 Average Price Target from Brokerages

Primo Brands Corporation (NYSE:PRMB) has received a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $30.75.

Several research analysts have recently commented on PRMB shares. Zacks Research downgraded Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Barclays cut their price objective on Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Bank of America decreased their target price on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price target on Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Finally, Royal Bank Of Canada decreased their price objective on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th.

Insider Activity at Primo Brands

In other news, Director Michael John Cramer acquired 5,000 shares of Primo Brands stock in a transaction on Monday, November 10th. The shares were purchased at an average price of $15.73 per share, with a total value of $78,650.00. Following the acquisition, the director owned 17,762 shares in the company, valued at $279,396.26. This represents a 39.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven P. Stanbrook acquired 54,540 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the transaction, the director directly owned 181,601 shares in the company, valued at approximately $2,983,704.43. The trade was a 42.92% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 203,469 shares of company stock worth $3,214,674. Company insiders own 58.40% of the company’s stock.

Institutional Trading of Primo Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Primo Brands during the 2nd quarter valued at about $26,000. Caption Management LLC bought a new stake in shares of Primo Brands during the third quarter worth approximately $27,000. IFP Advisors Inc acquired a new position in Primo Brands in the first quarter valued at approximately $40,000. New Age Alpha Advisors LLC bought a new position in Primo Brands in the first quarter valued at approximately $43,000. Finally, Byrne Asset Management LLC bought a new position in Primo Brands in the third quarter valued at approximately $47,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Trading Down 5.0%

PRMB stock opened at $15.60 on Friday. The business’s 50 day moving average is $21.36 and its 200-day moving average is $26.22. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The firm has a market cap of $5.78 billion, a P/E ratio of -141.81, a P/E/G ratio of 0.61 and a beta of 0.72. Primo Brands has a 1-year low of $14.36 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands’s revenue for the quarter was up 35.3% compared to the same quarter last year. Equities 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 announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio is presently -129.03%.

Primo Brands announced that its board has approved a stock buyback plan on Monday, November 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Primo Brands Company Profile

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.