Bank of America Has Lowered Expectations for Primo Brands (NYSE:PRMB) Stock Price

Primo Brands (NYSE:PRMB) had its price target decreased by stock analysts at Bank of America from $32.00 to $26.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 16.23% from the company’s previous close.

Several other equities research analysts also recently weighed in on PRMB. Mizuho cut their price target on Primo Brands from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, August 20th. Morgan Stanley lowered their price objective on Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday. Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, TD Securities dropped their price objective on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Primo Brands Price Performance

Shares of PRMB opened at $22.37 on Wednesday. The company has a market cap of $8.36 billion, a P/E ratio of -203.36, a PEG ratio of 0.58 and a beta of 0.76. Primo Brands has a fifty-two week low of $21.45 and a fifty-two week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm’s 50 day moving average price is $23.90 and its 200 day moving average price is $28.84.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.36 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 business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, research analysts forecast that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Primo Brands

In related news, Director Steven P. Stanbrook acquired 12,400 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were bought at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares in the company, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robbert Rietbroek acquired 8,285 shares of Primo Brands stock in a transaction dated Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, with a total value of $199,834.20. Following 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 can be found here. Insiders have purchased 24,685 shares of company stock worth $595,770 over the last three months. Insiders own 58.40% of the company’s stock.

Institutional Trading of Primo Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Primo Brands in the 2nd quarter valued at about $26,000. IFP Advisors Inc acquired a new position in Primo Brands during the first quarter worth approximately $40,000. New Age Alpha Advisors LLC purchased a new stake in Primo Brands in the first quarter valued at approximately $43,000. Millstone Evans Group LLC acquired a new stake in shares of Primo Brands in the first quarter valued at approximately $54,000. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Primo Brands during the third quarter worth approximately $54,000. 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.