Primo Brands (NYSE:PRMB) Trading 12.7% Higher – What’s Next?

Primo Brands Corporation (NYSE:PRMB)’s share price traded up 12.7% during trading on Thursday . The stock traded as high as $22.20 and last traded at $22.3050. 1,635,189 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 5,339,026 shares. The stock had previously closed at $19.80.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. TD Securities boosted their target price on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Barclays dropped their target price on Primo Brands from $27.00 to $24.00 and set an “overweight” rating on the stock in a report on Tuesday, April 14th. Royal Bank Of Canada set a $28.00 target price on Primo Brands in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft dropped their target price on Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a report on Monday, March 30th. Finally, Mizuho boosted their target price on Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, March 5th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Primo Brands has a consensus rating of “Moderate Buy” and an average price target of $25.82.

Primo Brands Stock Up 4.3%

The company has a 50 day moving average price of $20.14 and a two-hundred day moving average price of $18.72. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. The stock has a market cap of $8.43 billion, a PE ratio of 165.72, a PEG ratio of 1.78 and a beta of 0.66.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a return on equity of 13.79% and a net margin of 0.88%.The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts expect that Primo Brands Corporation will post 1.28 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be paid a $0.12 dividend. The ex-dividend date is Thursday, June 4th. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. Primo Brands’s payout ratio is currently 342.86%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PRMB. One Rock Capital Partners LLC purchased a new stake in Primo Brands during the fourth quarter valued at $1,900,047,000. Viking Global Investors LP increased its position in Primo Brands by 17.5% during the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after acquiring an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. increased its position in Primo Brands by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock valued at $376,522,000 after acquiring an additional 1,053,185 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its position in Primo Brands by 189.5% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock valued at $236,333,000 after acquiring an additional 9,461,990 shares during the last quarter. Finally, William Blair Investment Management LLC increased its position in Primo Brands by 6.7% during the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock valued at $206,458,000 after acquiring an additional 793,036 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

About Primo Brands

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.