Barclays Cuts Primo Brands (NYSE:PRMB) Price Target to $25.00

Primo Brands (NYSE:PRMB) had its target price cut by Barclays from $29.00 to $25.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Primo Brands from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, November 7th. Jefferies Financial Group began coverage on shares of Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 price target for the company. TD Securities decreased their price objective on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a report on Friday, November 7th. Zacks Research cut shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Finally, Morgan Stanley reduced their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Primo Brands Stock Up 4.1%

NYSE:PRMB opened at $16.11 on Monday. The company has a market cap of $5.96 billion, a PE ratio of -146.44, a P/E/G ratio of 0.61 and a beta of 0.72. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands has a one year low of $14.36 and a one year high of $35.85. The firm’s 50 day simple moving average is $21.89 and its 200 day simple moving average is $26.61.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business’s revenue for the quarter was up 35.3% compared to the same quarter last year. On average, research analysts anticipate that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is presently -129.03%.

Primo Brands declared that its board has approved a share buyback program on Monday, November 10th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO David W. Hass bought 15,910 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was acquired at an average price of $15.71 per share, for a total transaction of $249,946.10. Following the purchase, the chief financial officer directly owned 64,745 shares in the company, valued at $1,017,143.95. This trade represents a 32.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael John Cramer bought 5,000 shares of Primo Brands stock in a transaction on Monday, November 10th. The shares were bought at an average cost of $15.73 per share, with a total value of $78,650.00. Following the acquisition, the director directly owned 17,762 shares in the company, valued at approximately $279,396.26. This represents a 39.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 58.40% of the company’s stock.

Hedge Funds Weigh In On Primo Brands

A number of large investors have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Primo Brands during the second quarter valued at approximately $26,000. IFP Advisors Inc purchased a new stake in Primo Brands in the 1st quarter worth approximately $40,000. New Age Alpha Advisors LLC bought a new position in Primo Brands in the 1st quarter valued at $43,000. Millstone Evans Group LLC purchased a new position in shares of Primo Brands during the 1st quarter valued at $54,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after purchasing an additional 1,058 shares in the last quarter. 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.