Primo Brands Co. (NYSE:PRMB) Receives $41.50 Consensus PT from Brokerages

Primo Brands Co. (NYSE:PRMB) has received a consensus rating of “Buy” from the six ratings firms that are presently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued a report on the stock in the last year is $41.50.

PRMB has been the topic of several research analyst reports. Truist Financial began coverage on shares of Primo Brands in a report on Friday. They issued a “buy” rating and a $42.00 target price on the stock. JPMorgan Chase & Co. boosted their price target 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. TD Securities increased their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. BMO Capital Markets began coverage on Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price on the stock. Finally, Royal Bank of Canada lifted their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th.

Institutional Investors Weigh In On Primo Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC bought a new position in shares of Primo Brands during the 4th quarter valued at approximately $28,000. Fulton Bank N.A. purchased a new position in Primo Brands during the fourth quarter worth $669,000. Green Alpha Advisors LLC bought a new position in Primo Brands during the fourth quarter valued at $835,000. Procyon Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $553,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $176,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $33.41 on Friday. The stock has a market capitalization of $12.70 billion, a PE ratio of 42.42, a PEG ratio of 0.78 and a beta of 0.82. Primo Brands has a 1 year low of $24.41 and a 1 year high of $35.85. The stock has a fifty day moving average price of $33.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. On average, research analysts expect that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a $0.10 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.20%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

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.