Primo Brands (NYSE:PRMB) Shares Down 4.1% Following Analyst Downgrade

Shares of Primo Brands Corporation (NYSE:PRMB - Get Free Report) traded down 4.1% during trading on Friday after Bank of America lowered their price target on the stock from $42.00 to $39.00. Bank of America currently has a buy rating on the stock. Primo Brands traded as low as $29.38 and last traded at $29.28. 503,519 shares were traded during mid-day trading, a decline of 89% from the average session volume of 4,512,668 shares. The stock had previously closed at $30.53.

A number of other analysts have also issued reports on PRMB. Barclays decreased their target price 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. Mizuho began coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Morgan Stanley began coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price target on the stock. Finally, TD Securities began coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target on the stock. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $40.70.

Insider Activity at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction on Monday, May 12th. The shares were 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 approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 58.40% of the company's stock.

Hedge Funds Weigh In On Primo Brands

A number of hedge funds have recently made changes to their positions in the business. Harbour Capital Advisors LLC purchased a new position in shares of Primo Brands in the 2nd quarter valued at $274,000. Assenagon Asset Management S.A. purchased a new stake in Primo Brands during the 2nd quarter worth $27,234,000. Exchange Traded Concepts LLC purchased a new stake in Primo Brands during the 2nd quarter worth $1,257,000. Fulton Bank N.A. increased its stake in Primo Brands by 3.1% during the 2nd quarter. Fulton Bank N.A. now owns 24,833 shares of the company's stock worth $736,000 after buying an additional 737 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Primo Brands by 13.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 15,284 shares of the company's stock worth $458,000 after buying an additional 1,819 shares during the period. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

The stock has a market cap of $10.78 billion, a PE ratio of -358.08, a P/E/G ratio of 0.58 and a beta of 0.73. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. The company's 50 day moving average is $30.93 and its 200-day moving average is $32.11.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company's revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, sell-side analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is -500.00%.

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.