Barclays Issues Pessimistic Forecast for Primo Brands (NYSE:PRMB) Stock Price

Primo Brands (NYSE:PRMB - Get Free Report) had its price objective decreased by equities research analysts at Barclays from $40.00 to $38.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target indicates a potential upside of 28.50% from the stock's previous close.

PRMB has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft increased their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Bank of America assumed coverage on Primo Brands in a report on Wednesday, May 28th. They set a "buy" rating and a $42.00 price target on the stock. TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $41.33.

Primo Brands Stock Up 1.2%

Shares of NYSE PRMB opened at $29.57 on Monday. The firm has a 50-day moving average price of $32.24 and a 200 day moving average price of $32.23. Primo Brands has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $11.13 billion, a price-to-earnings ratio of -369.65, a price-to-earnings-growth ratio of 0.78 and a beta of 0.77.

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

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's 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. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 58.40% of the company's stock.

Institutional Trading of Primo Brands

Large investors have recently bought and sold shares of the company. Signaturefd LLC grew its holdings in shares of Primo Brands by 12.1% during the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after purchasing an additional 325 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after purchasing an additional 498 shares during the last quarter. CWM LLC grew its position in shares of Primo Brands by 20.5% during the 1st quarter. CWM LLC now owns 4,975 shares of the company's stock valued at $177,000 after acquiring an additional 847 shares during the period. Parallel Advisors LLC raised its stake in 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 during the period. Finally, Versant Capital Management Inc grew its holdings in 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 buying an additional 906 shares in the last quarter. 87.71% of the stock is 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.

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