Primo Brands (NYSE:PRMB) Price Target Cut to $27.00 by Analysts at TD Securities

Primo Brands (NYSE:PRMB) had its price objective reduced by TD Securities from $35.00 to $27.00 in a research report sent to investors on Friday,BayStreet.CA reports. They currently have a buy rating on the stock.

PRMB has been the subject of a number of other research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. Zacks Research downgraded Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday. JPMorgan Chase & Co. decreased their price objective on Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. The Goldman Sachs Group started coverage on shares of Primo Brands in a research note on Thursday, September 11th. They set a “neutral” rating and a $25.00 target price for the company. Finally, Mizuho reduced their price objective on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, October 28th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Primo Brands currently has an average rating of “Moderate Buy” and a consensus target price of $31.83.

Primo Brands Price Performance

PRMB stock traded down $3.26 during midday trading on Friday, reaching $14.45. 52,398,134 shares of the company’s stock traded hands, compared to its average volume of 5,322,170. Primo Brands has a 1-year low of $14.36 and a 1-year high of $35.85. 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 company has a 50-day simple moving average of $22.44 and a two-hundred day simple moving average of $27.01. The company has a market cap of $5.40 billion, a price-to-earnings ratio of -131.32, a PEG ratio of 0.61 and a beta of 0.72.

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

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s dividend payout ratio is currently -363.64%.

Insider Transactions at Primo Brands

In other news, Director Michael John Cramer bought 4,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robbert Rietbroek acquired 8,285 shares of Primo Brands stock in a transaction on Wednesday, August 13th. The shares were bought at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the transaction, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 24,685 shares of company stock worth $595,770. 58.40% of the stock is currently owned by insiders.

Institutional Trading of Primo Brands

A number of hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Primo Brands during the 2nd quarter valued at about $26,000. IFP Advisors Inc purchased a new position in Primo Brands in the first quarter worth about $40,000. New Age Alpha Advisors LLC purchased a new position in shares of Primo Brands in the first quarter worth approximately $43,000. Byrne Asset Management LLC bought a new stake in shares of Primo Brands during the 3rd quarter valued at $47,000. Finally, Millstone Evans Group LLC bought a new stake in Primo Brands during the first quarter valued at about $54,000. 87.71% of the stock is 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.