Analysts Set Primo Brands Corporation (NYSE:PRMB) Price Target at $29.50

Primo Brands Corporation (NYSE:PRMB) has received an average recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $29.50.

PRMB has been the topic of several recent research reports. The Goldman Sachs Group decreased their price target on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. Royal Bank Of Canada lowered their price objective on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 8th. Mizuho reduced their price objective on shares of Primo Brands from $35.00 to $28.00 and set an “outperform” rating for the company in a research note on Wednesday, November 26th. Finally, Barclays decreased their price objective on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 26th.

Insider Transactions at Primo Brands

In related news, CFO David W. Hass acquired 15,910 shares of the stock in a transaction on Tuesday, November 11th. The stock was acquired at an average price of $15.71 per share, for a total transaction of $249,946.10. Following the completion of the purchase, the chief financial officer owned 64,745 shares of the company’s stock, valued at $1,017,143.95. This represents a 32.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric J. Foss purchased 123,049 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average price of $15.52 per share, for a total transaction of $1,909,720.48. Following the purchase, the chief executive officer owned 355,066 shares in the company, valued at $5,510,624.32. This represents a 53.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 203,469 shares of company stock worth $3,214,674 over the last quarter. Insiders own 58.40% of the company’s stock.

Institutional Trading of Primo Brands

Several large investors have recently added to or reduced their stakes in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Primo Brands during the 2nd quarter valued at approximately $26,000. Caption Management LLC bought a new stake in Primo Brands in the third quarter worth $27,000. New Age Alpha Advisors LLC bought a new stake in Primo Brands in the first quarter worth $43,000. Byrne Asset Management LLC purchased a new stake in Primo Brands in the 3rd quarter worth about $47,000. Finally, 1620 Investment Advisors Inc. bought a new stake in Primo Brands in the third quarter worth about $54,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Shares of Primo Brands stock opened at $16.39 on Wednesday. Primo Brands has a 1-year low of $14.36 and a 1-year high of $35.85. The company has a market cap of $6.07 billion, a PE ratio of -52.85, a price-to-earnings-growth ratio of 0.54 and a beta of 0.64. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59. The company has a 50 day moving average of $18.71 and a 200-day moving average of $24.01.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The firm’s revenue was up 35.3% compared to the same quarter last year. As a group, equities research analysts forecast that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands announced that its Board of Directors has authorized a share buyback program on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th were given a $0.10 dividend. The ex-dividend date was Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. Primo Brands’s payout ratio is presently -129.03%.

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.