Primo Brands (NYSE:PRMB) Price Target Cut to $40.00 by Analysts at Mizuho

Primo Brands (NYSE:PRMB) had its price target decreased by Mizuho from $43.00 to $40.00 in a report published on Wednesday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

A number of other research analysts have also commented on PRMB. Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a “buy” rating on the stock in a report on Friday, July 11th. Barclays lowered their target price on Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. Morgan Stanley lowered their target price on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Monday, August 11th. TD Securities lowered their target price on Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Finally, Royal Bank Of Canada lowered their target price on Primo Brands from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.30.

Primo Brands Price Performance

Shares of PRMB opened at $25.0350 on Wednesday. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of -227.59, a price-to-earnings-growth ratio of 0.58 and a beta of 0.72. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. Primo Brands has a one year low of $21.54 and a one year high of $35.85. The stock’s fifty day moving average is $28.14 and its 200-day moving average is $31.15.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. Primo Brands’s revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Equities analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be given a $0.10 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. Primo Brands’s dividend payout ratio (DPR) is -363.64%.

Insider Activity at Primo Brands

In related news, CEO Robbert Rietbroek purchased 8,285 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the transaction, the chief executive officer directly owned 586,349 shares of the company’s stock, valued at $14,142,737.88. This trade represents a 1.43% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Steven P. Stanbrook purchased 12,400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $24.04 per share, with a total value of $298,096.00. Following the transaction, the director directly owned 125,025 shares in the company, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 24,685 shares of company stock worth $595,770 in the last quarter. 58.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primo Brands

A number of hedge funds and other institutional investors have recently modified their holdings of PRMB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Primo Brands in the 2nd quarter valued at $26,000. IFP Advisors Inc acquired a new stake in Primo Brands during the 1st quarter worth about $40,000. Versant Capital Management Inc boosted its position 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 acquiring an additional 906 shares during the period. New Age Alpha Advisors LLC acquired a new stake in Primo Brands during the 1st quarter worth about $43,000. Finally, Parallel Advisors LLC boosted its position in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company’s stock worth $46,000 after acquiring an additional 902 shares during the period. Institutional investors and hedge funds own 87.71% of the company’s stock.

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.