JPMorgan Chase & Co. Cuts Primo Brands (NYSE:PRMB) Price Target to $35.00

Primo Brands (NYSE:PRMB) had its target price trimmed by JPMorgan Chase & Co. from $37.00 to $35.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on PRMB. TD Securities decreased their price target on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Jefferies Financial Group began coverage on Primo Brands in a research note on Friday, October 17th. They issued a “hold” rating and a $23.00 target price on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. The Goldman Sachs Group began coverage on Primo Brands in a research note on Thursday, September 11th. They issued a “neutral” rating and a $25.00 target price on the stock. Finally, Zacks Research raised Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.08.

Primo Brands Trading Up 0.6%

Primo Brands stock opened at $21.95 on Thursday. The stock has a market cap of $8.20 billion, a P/E ratio of -199.52, a PEG ratio of 0.61 and a beta of 0.76. Primo Brands has a fifty-two week low of $21.37 and a fifty-two week high of $35.85. The firm’s fifty day moving average price is $22.96 and its 200-day moving average price is $27.43. 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 (NYSE:PRMB) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm 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 firm’s quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Equities research analysts forecast that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date was Thursday, August 21st. Primo Brands’s dividend payout ratio is presently -363.64%.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Steven P. Stanbrook purchased 12,400 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was acquired at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares in the company, valued at approximately $3,005,601. This represents a 11.01% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robbert Rietbroek purchased 8,285 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer owned 586,349 shares of the company’s stock, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 24,685 shares of company stock worth $595,770 over the last three months. Company insiders own 58.40% of the company’s stock.

Institutional Trading of Primo Brands

Several institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC boosted its position in Primo Brands by 12.1% during 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 period. Procyon Advisors LLC grew its stake in shares of Primo Brands by 2.3% in the second quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock worth $545,000 after purchasing an additional 411 shares during the last quarter. GAMMA Investing LLC grew 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 purchasing an additional 498 shares during the last quarter. Dynamic Advisor Solutions LLC grew its stake in shares of Primo Brands by 1.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock worth $1,040,000 after purchasing an additional 567 shares during the last quarter. Finally, Fulton Bank N.A. grew its stake in shares of Primo Brands by 3.1% in 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. 87.71% of the stock is currently owned by hedge funds and other 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.