No. His name is "Little Petey" and he's the son of Palmer and Opal. Scroll down here and you'll see a picture of him as a little boy.
http://www.childrenofsalem.com/days/.../amckids7.html
Then he was recast in 2002. Mitchel Federan got the role-- and played him as a really bratty but smart kid who would outwit his nanny and Palmer for money. He was really funny. Here is the latest "Petey"
http://www.childrenofsalem.com/days/.../amckids5.html
No doubt he will be recast again. I just hope they keep him as a trouble maker, because he sure made Pine Valley interesting!
Bobby was the nephew of Palmer and the cousin of Petey.