Primo Brands (NYSE:PRMB) Coverage Initiated 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 initiated coverage on shares of Primo Brands (NYSE:PRMB - Get Free Report) in a report issued on Thursday, MarketBeat reports. The brokerage set a "neutral" rating and a $25.00 price target on the stock. The Goldman Sachs Group's price objective indicates a potential upside of 10.40% from the stock's previous close.

A number of other research firms have also issued reports on PRMB. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Royal Bank Of Canada lowered their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Morgan Stanley lowered their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Barclays dropped their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, Bank of America dropped their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Primo Brands currently has an average rating of "Moderate Buy" and a consensus price target of $36.18.

Primo Brands Stock Performance

Shares of NYSE PRMB traded up $0.22 during midday trading on Thursday, reaching $22.65. 1,610,695 shares of the company traded hands, compared to its average volume of 5,235,409. Primo Brands has a 52 week low of $21.60 and a 52 week high of $35.85. The stock has a 50-day moving average price of $26.30 and a 200 day moving average price of $30.02. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The company has a market cap of $8.46 billion, a price-to-earnings ratio of -205.86, a PEG ratio of 0.63 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The business's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek bought 8,285 shares of the stock in a transaction on 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 purchase, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven P. Stanbrook bought 12,400 shares of the stock in a transaction on Tuesday, August 12th. The shares were acquired at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, the director owned 125,025 shares in the company, valued at approximately $3,005,601. This represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 24,685 shares of company stock valued at $595,770 in the last 90 days. 58.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primo Brands

Institutional investors have recently made changes to their positions in the company. Ritholtz Wealth Management acquired a new stake in shares of Primo Brands during the 1st quarter valued at about $608,000. Bank of New York Mellon Corp lifted its holdings in shares of Primo Brands by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock valued at $50,205,000 after buying an additional 96,366 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock valued at $244,000 after buying an additional 1,488 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock valued at $478,000 after buying an additional 1,656 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Primo Brands by 8.7% during the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company's stock valued at $13,228,000 after buying an additional 29,939 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

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.