Primo Brands Co. (NYSE:PRMB) to Issue Quarterly Dividend of $0.10

Primo Brands Co. (NYSE:PRMB) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Shareholders of record on Friday, March 7th will be given a dividend of 0.10 per share on Monday, March 24th. This represents a $0.40 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

Primo Brands Price Performance

Shares of PRMB stock traded up $1.41 during trading on Friday, hitting $34.00. 3,780,734 shares of the stock traded hands, compared to its average volume of 1,935,184. The company has a market capitalization of $12.89 billion, a price-to-earnings ratio of 21.11, a P/E/G ratio of 0.79 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands has a 52-week low of $14.10 and a 52-week high of $34.53. The firm’s fifty day moving average price is $32.04.

Primo Brands (NYSE:PRMB) last announced its 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). The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a net margin of 13.63% and a return on equity of 8.80%. As a group, equities research analysts expect that Primo Brands will post 0.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 price target for the company. TD Securities boosted their target price on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets initiated coverage on shares of Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 target price for the company. Royal Bank of Canada boosted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $40.00.

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.