Primo Brands (NYSE:PRMB) Price Target Lowered to $38.00 at Barclays

Primo Brands (NYSE:PRMB) had its price target cut by Barclays from $40.00 to $38.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently issued reports on PRMB. Bank of America assumed coverage on shares of Primo Brands in a report on Wednesday, May 28th. They set a “buy” rating and a $42.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. TD Securities initiated coverage on Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 target price for the company. Mizuho began coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective for the company. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has a consensus rating of “Buy” and a consensus price target of $41.33.

Primo Brands Trading Up 0.4%

Shares of NYSE:PRMB opened at $29.73 on Monday. Primo Brands has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market capitalization of $11.19 billion, a P/E ratio of -371.56, a price-to-earnings-growth ratio of 0.78 and a beta of 0.77. The company has a 50-day simple moving average of $32.18 and a 200 day simple moving average of $32.23.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Primo Brands’s revenue was up 42.1% on a year-over-year basis. Sell-side analysts forecast that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands’s payout ratio is presently -500.00%.

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 58.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. acquired a new position in Primo Brands during the 4th quarter worth approximately $252,000. Sei Investments Co. acquired a new position in Primo Brands in the 4th quarter worth about $10,548,000. Quantinno Capital Management LP bought a new position in Primo Brands in the fourth quarter valued at about $277,000. Principal Financial Group Inc. acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $2,272,000. Finally, Millennium Management LLC acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $7,837,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

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.