Zacks Research Upgrades Primo Brands (NYSE:PRMB) to Hold

Key Points

• Zacks Research has upgraded Primo Brands (NYSE:PRMB) from a "strong sell" rating to a "hold" rating.
• Mizuho, Goldman Sachs, and Morgan Stanley have adjusted their price targets for Primo Brands, with the current average target price sitting at $36.18.
• Recent insider trading activity includes CEO Robbert Rietbroek purchasing over 8,000 shares, reflecting confidence in the company's potential.

Primo Brands (NYSE:PRMB - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

PRMB has been the topic of several other research reports. Mizuho decreased their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. The Goldman Sachs Group began coverage on Primo Brands in a report on Thursday, September 11th. They issued a "neutral" rating and a $25.00 target price for the company. Morgan Stanley decreased their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Barclays decreased their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Primo Brands in a research report on Saturday, September 27th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $36.18.

Primo Brands Price Performance

PRMB opened at $21.94 on Monday. The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of -199.41, a PEG ratio of 0.57 and a beta of 0.76. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm has a 50-day moving average price of $24.13 and a 200-day moving average price of $28.95. Primo Brands has a twelve month low of $21.45 and a twelve month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results 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 the consensus estimate of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Equities analysts expect that Primo Brands will post 1.13 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robbert Rietbroek acquired 8,285 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average cost of $24.12 per share, with a total value of $199,834.20. Following the acquisition, the chief executive officer directly owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael John Cramer bought 4,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were purchased 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 in the company, valued at approximately $312,158.52. The trade was a 45.65% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 24,685 shares of company stock valued at $595,770 in the last quarter. 58.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primo Brands

Several hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position in Primo Brands by 12.1% in the first quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after buying an additional 325 shares during the last quarter. Procyon Advisors LLC boosted its holdings in shares of Primo Brands by 2.3% in the 2nd quarter. Procyon Advisors LLC now owns 18,392 shares of the company's stock valued at $545,000 after acquiring an additional 411 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after acquiring an additional 498 shares during the period. Fulton Bank N.A. raised its holdings in shares of Primo Brands by 3.1% during the second quarter. Fulton Bank N.A. now owns 24,833 shares of the company's stock worth $736,000 after purchasing an additional 737 shares during the last quarter. Finally, CWM LLC lifted its position in Primo Brands by 20.5% during the first quarter. CWM LLC now owns 4,975 shares of the company's stock valued at $177,000 after purchasing an additional 847 shares during the period. 87.71% of the stock is currently owned by institutional investors.

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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