Primo Brands Corporation (NYSE:PRMB) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Primo Brands Corporation (NYSE:PRMB) have received a consensus rating of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $26.8333.

Several equities research analysts recently commented on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $35.00 target price on shares of Primo Brands in a research report on Friday, January 23rd. Barclays cut their price target on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday, November 26th. The Goldman Sachs Group decreased their price objective on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, November 25th. Bank of America lowered their target price on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada reduced their price target on Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th.

Primo Brands Trading Up 3.0%

NYSE PRMB opened at $19.53 on Thursday. The company has a market cap of $7.23 billion, a price-to-earnings ratio of -63.00, a price-to-earnings-growth ratio of 0.64 and a beta of 0.63. Primo Brands has a twelve month low of $14.36 and a twelve month 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. The business’s fifty day moving average is $17.26 and its 200 day moving average is $20.77.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. Primo Brands had a positive return on equity of 12.52% and a negative net margin of 1.30%.Primo Brands’s quarterly revenue was up 35.3% compared to the same quarter last year. As a group, sell-side analysts expect that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands declared that its board has approved a share buyback program on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Steven P. Stanbrook acquired 54,540 shares of Primo Brands stock in a transaction dated Thursday, November 13th. The shares were bought at an average cost of $16.43 per share, with a total value of $896,092.20. Following the purchase, the director owned 181,601 shares in the company, valued at $2,983,704.43. This trade represents a 42.92% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David W. Hass acquired 15,910 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average price of $15.71 per share, with a total value of $249,946.10. Following the completion of the transaction, the chief financial officer owned 64,745 shares of the company’s stock, valued at $1,017,143.95. This trade represents a 32.58% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 203,469 shares of company stock valued at $3,214,674. Insiders own 58.40% of the company’s stock.

Hedge Funds Weigh In On Primo Brands

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

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.