Barclays Has Lowered Expectations for Primo Brands (NYSE:PRMB) Stock Price

Primo Brands (NYSE:PRMB - Free Report) had its price objective trimmed by Barclays from $40.00 to $38.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft boosted their target price on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Mizuho started coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Truist Financial assumed coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Bank of America assumed coverage on Primo Brands in a research report on Wednesday, May 28th. They set a "buy" rating and a $42.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price target on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $41.33.

Primo Brands Trading Down 0.3%

Shares of Primo Brands stock traded down $0.08 on Monday, reaching $29.98. 7,922,374 shares of the company were exchanged, compared to its average volume of 4,059,537. The stock has a fifty day moving average price of $32.03 and a 200-day moving average price of $32.20. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of -374.68, a price-to-earnings-growth ratio of 0.55 and a beta of 0.77. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. Primo Brands has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. Primo Brands's revenue for the quarter was up 42.1% compared to the same quarter last year. On average, analysts expect that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.33%. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Insider Transactions at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction that occurred 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 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 document filed with the Securities & Exchange Commission, which is available through this link. 58.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Primo Brands

Several hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC boosted its stake in Primo Brands by 12.7% during the 1st quarter. Voya Investment Management LLC now owns 53,301 shares of the company's stock valued at $1,892,000 after purchasing an additional 6,004 shares during the period. Rhumbline Advisers raised its holdings in Primo Brands by 15.3% in the 1st quarter. Rhumbline Advisers now owns 298,228 shares of the company's stock valued at $10,584,000 after acquiring an additional 39,471 shares in the last quarter. Strs Ohio acquired a new position in Primo Brands in the 1st quarter valued at approximately $1,803,000. Intech Investment Management LLC raised its holdings in Primo Brands by 19.4% in the 1st quarter. Intech Investment Management LLC now owns 83,552 shares of the company's stock valued at $2,965,000 after acquiring an additional 13,569 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Primo Brands by 64.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 995,194 shares of the company's stock valued at $35,319,000 after acquiring an additional 388,520 shares in the last quarter. Institutional investors own 87.71% of the company's stock.

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.