Primo Brands (NYSE:PRMB) Stock Price Down 4.1% on Analyst Downgrade

Primo Brands Corporation (NYSE:PRMB - Get Free Report)'s stock price traded down 4.1% during mid-day 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 traded hands 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.

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

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction that occurred 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 sale, the director directly owned 116,210,806 shares in the company, 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.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. FMR LLC bought a new stake in Primo Brands during the fourth quarter valued at $653,019,000. Vanguard Group Inc. raised its holdings in shares of Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after acquiring an additional 4,389,327 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at about $343,451,000. Boston Partners grew its holdings in shares of Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after purchasing an additional 7,044,263 shares in the last quarter. Finally, Eminence Capital LP increased its position in shares of Primo Brands by 48.3% in the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock worth $249,107,000 after purchasing an additional 2,284,912 shares during the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

The firm has a market capitalization of $10.82 billion, a PE ratio of -359.17, a P/E/G ratio of 0.54 and a beta of 0.73. 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 business's 50 day moving average is $30.93 and its two-hundred day moving average is $32.12.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating 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 analysts' expectations of $1.63 billion. The company's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.39%. Primo Brands's payout ratio 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.