Primo Brands Corporation (NYSE:PRMB) Given Average Recommendation of "Buy" by Analysts

Key Points

• Primo Brands Corporation has received an average rating of "Buy" from ten research firms, with a 12-month price target of $40.70.
• In its latest quarterly earnings report, Primo Brands reported earnings per share (EPS) of $0.29, beating analysts' estimates while year-over-year revenue increased by 42.1%.
• Insider transactions revealed a significant sale of shares by Director Tony W. Lee, reducing his ownership by 30.36% after selling over 50 million shares at an average price of $31.67.

Shares of Primo Brands Corporation (NYSE:PRMB - Get Free Report) have been given an average rating of "Buy" by the ten research firms that are currently covering the stock, MarketBeat.com reports. Ten analysts have rated the stock with a buy rating. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $40.70.

Several analysts have recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Primo Brands in a report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price objective for the company. Bank of America decreased their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Barclays reduced their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, Mizuho assumed coverage on shares of Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company.

Primo Brands Trading Down 1.2%

Shares of Primo Brands stock opened at $26.32 on Thursday. Primo Brands has a 52-week low of $20.16 and a 52-week high of $35.85. The firm has a market capitalization of $9.91 billion, a PE ratio of -328.90, a price-to-earnings-growth ratio of 0.50 and a beta of 0.72. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The company's fifty day moving average price is $29.47 and its two-hundred day moving average price is $31.73.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analysts' expectations 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 was up 42.1% on a year-over-year basis. On average, analysts expect that Primo Brands will post 1.13 EPS for the current year.

Insider Buying and Selling

In other news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the transaction, the director owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 58.40% of the company's stock.

Hedge Funds Weigh In On Primo Brands

Several hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc acquired a new position in Primo Brands during the first quarter valued at approximately $40,000. Versant Capital Management Inc grew its holdings in shares of Primo Brands by 286.7% in 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 during the period. New Age Alpha Advisors LLC acquired a new position in shares of Primo Brands in the 1st quarter valued at $43,000. Parallel Advisors LLC increased its position in shares of Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after buying an additional 902 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in Primo Brands during the 1st quarter worth $54,000. Institutional investors and hedge funds 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.

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