Primo Brands (NYSE:PRMB) Now Covered by Analysts at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has initiated coverage of Primo Brands (NYSE:PRMB) with a "neutral" rating and a price target of $25.00, indicating a potential upside of 2.51% from the current stock price.
• Primo Brands experienced a quarter earnings miss, reporting $0.36 EPS compared to the consensus estimate of $0.41, while their revenue was $1.73 billion against an expectation of $1.83 billion.
• Insider buying activity is notable, with several directors purchasing significant shares recently, indicating confidence in the company's future prospects.

Stock analysts at The Goldman Sachs Group assumed coverage on shares of Primo Brands (NYSE:PRMB - Get Free Report) in a research note issued on Thursday,Benzinga reports. The firm set a "neutral" rating and a $25.00 price target on the stock. The Goldman Sachs Group's price objective suggests a potential upside of 2.51% from the stock's current price.

Several other equities analysts have also weighed in on PRMB. Royal Bank Of Canada cut their target price on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Barclays dropped 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 note on Monday, June 16th. Mizuho lowered their target price on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 20th. TD Securities lowered their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Finally, Morgan Stanley lowered their target price on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $36.18.

Primo Brands Stock Performance

Shares of PRMB stock opened at $24.39 on Thursday. Primo Brands has a 12-month low of $21.60 and a 12-month high of $35.85. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The company has a market cap of $9.11 billion, a PE ratio of -221.70, a PEG ratio of 0.65 and a beta of 0.76. The business's fifty day simple moving average is $26.69 and its 200-day simple moving average is $30.29.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Analysts expect 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 Michael John Cramer bought 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares of the company's stock, valued at $312,158.52. This represents a 45.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven P. Stanbrook bought 12,400 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was bought at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the transaction, the director directly owned 125,025 shares of the company's stock, valued at $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 24,685 shares of company stock valued at $595,770 over the last 90 days. 58.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Primo Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRMB. BNP Paribas Financial Markets purchased a new position in Primo Brands in the 4th quarter valued at approximately $1,788,000. Captrust Financial Advisors acquired a new stake in Primo Brands in the fourth quarter valued at approximately $287,000. Cetera Investment Advisers acquired a new stake in Primo Brands in the fourth quarter valued at approximately $400,000. Cresset Asset Management LLC acquired a new stake in Primo Brands in the fourth quarter valued at approximately $269,000. Finally, Deutsche Bank AG acquired a new stake in Primo Brands in the fourth quarter valued at approximately $7,711,000. Hedge funds and other 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.

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