Primo Brands (NYSE:PRMB) Shares Cross Above 50 Day Moving Average on Analyst Downgrade

Primo Brands Corporation (NYSE:PRMB)’s share price crossed above its 50 day moving average during trading on Monday after Royal Bank Of Canada raised their price target on the stock from $28.00 to $31.00. The stock has a 50 day moving average of $20.42 and traded as high as $20.82. Royal Bank Of Canada currently has an outperform rating on the stock. Primo Brands shares last traded at $20.7840, with a volume of 6,719,883 shares trading hands.

Other analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $25.00 price objective on shares of Primo Brands in a research note on Thursday, August 6th. TD upped their price objective on Primo Brands from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Barclays increased their target price on Primo Brands from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.55.

Insider Activity at Primo Brands

In other Primo Brands news, CEO Eric Foss bought 84,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were purchased at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the purchase, the chief executive officer owned 573,806 shares in the company, valued at $13,656,582.80. This represents a 17.15% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 32.90% of the company’s stock.

Institutional Trading of Primo Brands

Hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC lifted its holdings in shares of Primo Brands by 62.0% during the 2nd quarter. Squarepoint Ops LLC now owns 761,563 shares of the company’s stock valued at $18,613,000 after purchasing an additional 291,412 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Primo Brands in the 2nd quarter worth approximately $1,735,000. Royal Bank of Canada raised its holdings in shares of Primo Brands by 127.1% during the first quarter. Royal Bank of Canada now owns 130,877 shares of the company’s stock worth $2,464,000 after purchasing an additional 73,253 shares during the last quarter. Sterling Capital Management LLC raised its position in Primo Brands by 1,569.2% during the third quarter. Sterling Capital Management LLC now owns 122,568 shares of the company’s stock valued at $2,335,000 after acquiring an additional 115,225 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Primo Brands in the second quarter worth about $4,494,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 5.3%

The business has a 50-day simple moving average of $20.42 and a 200-day simple moving average of $21.40. The company has a market cap of $7.53 billion, a PE ratio of 79.94, a P/E/G ratio of 1.95 and a beta of 0.71. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.71.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 EPS. Equities research analysts anticipate that Primo Brands Corporation will post 1.27 EPS for the current year.

Primo Brands Company Profile

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.