Primo Brands (NYSE:PRMB - Get Free Report)'s stock had its "hold" rating reiterated by stock analysts at Deutsche Bank Aktiengesellschaft in a note issued to investors on Friday, MarketBeat reports. They currently have a $26.00 price objective on the stock. Deutsche Bank Aktiengesellschaft's price target would suggest a potential upside of 10.43% from the stock's current price.
PRMB has been the topic of a number of other reports. Bank of America dropped their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Mizuho initiated coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Barclays decreased their target price on 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, Morgan Stanley initiated coverage on shares of Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.30.
Get Our Latest Analysis on Primo Brands
Primo Brands Stock Down 10.8%
Shares of Primo Brands stock opened at $23.55 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The company has a 50-day simple moving average of $29.30 and a two-hundred day simple moving average of $31.66. The stock has a market capitalization of $8.86 billion, a PE ratio of -294.28, a price-to-earnings-growth ratio of 0.50 and a beta of 0.72. Primo Brands has a 52-week low of $20.16 and a 52-week high of $35.85.
Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly 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. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. The company's quarterly revenue was up 42.1% on a year-over-year basis. On average, analysts anticipate that Primo Brands will post 1.13 EPS for the current fiscal year.
Insiders Place Their Bets
In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction dated 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 in the company, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 58.40% of the company's stock.
Hedge Funds Weigh In On Primo Brands
Several large investors have recently added to or reduced their stakes in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Primo Brands during the 2nd quarter worth about $26,000. IFP Advisors Inc bought a new position in Primo Brands in the first quarter valued at approximately $40,000. Versant Capital Management Inc increased 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 worth $43,000 after purchasing an additional 906 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in Primo Brands during the 1st quarter worth approximately $43,000. Finally, Parallel Advisors LLC raised its holdings in Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after acquiring an additional 902 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.
About Primo Brands
(
Get Free Report)
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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