Primo Brands (NYSE:PRMB) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Primo Brands (NYSE:PRMB) in a research report report published on Thursday, Marketbeat reports. The brokerage issued a neutral rating and a $25.00 price objective on the stock.

Several other research analysts have also issued reports on PRMB. TD Securities reduced their price target on Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Royal Bank Of Canada reduced their target price on Primo Brands from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Morgan Stanley reduced their target price on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Monday, August 11th. Mizuho reduced their target price on Primo Brands from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and an average target price of $36.18.

Primo Brands Trading Down 0.4%

PRMB stock opened at $24.33 on Thursday. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of -221.18, a P/E/G ratio of 0.65 and a beta of 0.76. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The business has a fifty day moving average price of $26.58 and a 200 day moving average price of $30.21. Primo Brands has a fifty-two week low of $21.60 and a fifty-two week high of $35.85.

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

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands’s payout ratio is -363.64%.

Insider Activity at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek acquired 8,285 shares of Primo Brands stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the purchase, the chief executive officer owned 586,349 shares of the company’s stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven P. Stanbrook acquired 12,400 shares of Primo Brands stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the purchase, the director directly owned 125,025 shares in the company, valued at $3,005,601. This represents a 11.01% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 24,685 shares of company stock worth $595,770. Corporate insiders own 58.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Primo Brands in the 2nd quarter valued at approximately $26,000. IFP Advisors Inc purchased a new position in Primo Brands in the 1st quarter valued at approximately $40,000. Versant Capital Management Inc grew its position in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock valued at $43,000 after purchasing an additional 906 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Primo Brands during the 1st quarter valued at $43,000. Finally, Parallel Advisors LLC grew its position in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company’s stock valued at $46,000 after purchasing an additional 902 shares in the last quarter. 87.71% of the stock is currently 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.