Bank of America Cuts Primo Brands (NYSE:PRMB) Price Target to $26.00

Primo Brands (NYSE:PRMB) had its target price cut by Bank of America from $32.00 to $26.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently issued reports on PRMB. Mizuho decreased their price objective on shares of Primo Brands from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, August 20th. The Goldman Sachs Group assumed coverage on shares of Primo Brands in a research note on Thursday, September 11th. They issued a “neutral” rating and a $25.00 price objective for the company. Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Morgan Stanley decreased their price objective on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, August 11th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $26.00 price objective on shares of Primo Brands in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Primo Brands presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Primo Brands Stock Performance

Shares of PRMB stock opened at $21.53 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The firm has a fifty day moving average price of $23.79 and a 200 day moving average price of $28.75. The company has a market cap of $8.04 billion, a P/E ratio of -195.73, a PEG ratio of 0.59 and a beta of 0.76. Primo Brands has a 12 month low of $21.45 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company’s quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Sell-side analysts predict that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a $0.10 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. Primo Brands’s dividend payout ratio (DPR) is presently -363.64%.

Insider Buying and Selling at Primo Brands

In related news, Director Steven P. Stanbrook bought 12,400 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares in the company, valued at approximately $3,005,601. This represents a 11.01% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robbert Rietbroek bought 8,285 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares of the company’s stock, valued at $14,142,737.88. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 24,685 shares of company stock valued at $595,770. Corporate insiders own 58.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its stake in shares of Primo Brands by 12.1% during the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company’s stock worth $107,000 after purchasing an additional 325 shares in the last quarter. Procyon Advisors LLC increased its stake in shares of Primo Brands by 2.3% during the 2nd quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock worth $545,000 after purchasing an additional 411 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Primo Brands by 34.5% during the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock worth $69,000 after purchasing an additional 498 shares in the last quarter. Dynamic Advisor Solutions LLC increased its stake in shares of Primo Brands by 1.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock worth $1,040,000 after purchasing an additional 567 shares in the last quarter. Finally, Fulton Bank N.A. increased its stake in shares of Primo Brands by 3.1% during the 2nd quarter. Fulton Bank N.A. now owns 24,833 shares of the company’s stock worth $736,000 after purchasing an additional 737 shares in the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

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.