TD Securities Has Lowered Expectations for Primo Brands (NYSE:PRMB) Stock Price

Primo Brands (NYSE:PRMB) had its target price reduced by TD Securities from $35.00 to $27.00 in a report issued on Friday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. TD Securities’ price target suggests a potential upside of 86.92% from the company’s current price.

Several other research firms have also weighed in on PRMB. Mizuho lowered their price target on Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 28th. Morgan Stanley lowered their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Monday, August 11th. Bank of America dropped their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. JPMorgan Chase & Co. decreased their price objective on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Finally, Zacks Research cut shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.83.

Primo Brands Trading Down 18.4%

Shares of NYSE:PRMB opened at $14.45 on Friday. The company’s 50-day moving average price is $22.44 and its two-hundred day moving average price is $26.96. 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 stock has a market capitalization of $5.40 billion, a PE ratio of -131.32, a price-to-earnings-growth 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 for the quarter, meeting the consensus estimate of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. The company’s revenue was up 35.3% compared to the same quarter last year. On average, equities analysts forecast that Primo Brands will post 1.13 EPS for the current fiscal year.

Insider Buying and Selling at Primo Brands

In related news, Director Steven P. Stanbrook acquired 12,400 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares of the company’s stock, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael John Cramer bought 4,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director owned 12,762 shares in the company, valued at $312,158.52. The trade was a 45.65% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 24,685 shares of company stock worth $595,770 over the last ninety days. Insiders own 58.40% of the company’s stock.

Institutional Investors Weigh In On Primo Brands

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after purchasing an additional 4,389,327 shares during the period. Viking Global Investors LP grew its holdings in Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after buying an additional 14,578,589 shares in the last quarter. Boston Partners grew its holdings in Primo Brands by 13.7% in the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after buying an additional 971,939 shares in the last quarter. Eminence Capital LP increased its position in Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after buying an additional 2,284,912 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after buying an additional 5,640,287 shares in the last quarter. Institutional investors 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.