Barclays Lowers Primo Brands (NYSE:PRMB) Price Target to $25.00

Primo Brands (NYSE:PRMB) had its target price dropped by research analysts at Barclays from $29.00 to $25.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 59.16% from the stock’s current price.

Other analysts have also recently issued reports about the stock. TD Securities reduced their price objective on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research note on Friday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $26.00 price target on shares of Primo Brands in a research note on Friday, August 8th. Bank of America lowered their price objective on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on Primo Brands in a research note on Thursday, September 11th. They issued a “neutral” rating and a $25.00 price objective for the company. Finally, Weiss Ratings downgraded Primo Brands from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Primo Brands Stock Performance

Shares of Primo Brands stock traded up $1.25 on Monday, hitting $15.71. 14,423,569 shares of the company’s stock were exchanged, compared to its average volume of 5,362,710. Primo Brands has a 1 year low of $14.36 and a 1 year high of $35.85. The company has a 50-day simple moving average of $22.44 and a 200-day simple moving average of $26.92. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The stock has a market capitalization of $5.87 billion, a PE ratio of -142.90, a PEG ratio of 0.61 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. The firm’s quarterly revenue was up 35.3% compared to the same quarter last year. As a group, equities analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Insider Buying and Selling at Primo Brands

In other news, Director Michael John Cramer purchased 4,000 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was acquired at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the acquisition, the director directly owned 12,762 shares of the company’s stock, valued at $312,158.52. This represents a 45.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robbert Rietbroek bought 8,285 shares of the stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 24,685 shares of company stock worth $595,770 in the last quarter. 58.40% of the stock is owned by corporate insiders.

Institutional Trading of Primo Brands

Several hedge funds have recently made changes to their positions in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Primo Brands in the second quarter worth about $26,000. IFP Advisors Inc bought a new stake in shares of Primo Brands in the 1st quarter valued at approximately $40,000. New Age Alpha Advisors LLC purchased a new position in shares of Primo Brands in the 1st quarter worth approximately $43,000. Byrne Asset Management LLC bought a new position in shares of Primo Brands during the 3rd quarter valued at approximately $47,000. Finally, Millstone Evans Group LLC bought a new position in shares of Primo Brands during the 1st quarter valued at approximately $54,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Company Profile

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.