Primo Brands Corporation (NYSE:PRMB) Receives $26.83 Consensus PT from Brokerages

Shares of Primo Brands Corporation (NYSE:PRMB) have earned an average recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $26.50.

A number of brokerages have commented on PRMB. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. Royal Bank Of Canada reiterated an “outperform” rating and set a $26.00 target price on shares of Primo Brands in a research note on Tuesday. JPMorgan Chase & Co. dropped their target price on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Barclays decreased their price target on Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Wednesday, November 26th. Finally, Mizuho lowered their price objective on Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, January 8th.

Institutional Investors Weigh In On Primo Brands

A number of institutional investors and hedge funds have recently bought and sold shares of PRMB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Primo Brands in the 2nd quarter worth approximately $26,000. Caption Management LLC purchased a new position in shares of Primo Brands during the 3rd quarter worth $27,000. LRI Investments LLC boosted its holdings in shares of Primo Brands by 203.1% during the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after purchasing an additional 1,306 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after purchasing an additional 1,058 shares during the period. Finally, Byrne Asset Management LLC purchased a new stake in shares of Primo Brands in the third quarter valued at $47,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Up 1.1%

Shares of NYSE:PRMB opened at $19.58 on Monday. The firm’s 50 day moving average price is $18.12 and its 200 day moving average price is $19.88. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of -63.14, a price-to-earnings-growth ratio of 0.70 and a beta of 0.63. Primo Brands has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 1.59.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, March 6th. Primo Brands’s dividend payout ratio is currently -129.03%.

Primo Brands declared that its Board of Directors has initiated a stock repurchase plan on Monday, November 10th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Primo Brands Company Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.