TD Asset Management Inc Increases Position in Primo Brands Corporation (NYSE:PRMB)

TD Asset Management Inc raised its position in shares of Primo Brands Corporation (NYSE:PRMB) by 37.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,576 shares of the company’s stock after purchasing an additional 13,776 shares during the quarter. TD Asset Management Inc’s holdings in Primo Brands were worth $1,795,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PRMB. IFP Advisors Inc purchased a new stake in Primo Brands in the first quarter valued at approximately $40,000. Versant Capital Management Inc lifted its stake in Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock valued at $43,000 after acquiring an additional 906 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company’s stock valued at $46,000 after acquiring an additional 902 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Primo Brands in the first quarter worth $54,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Primo Brands in the fourth quarter worth $55,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRMB has been the subject of a number of research reports. Morgan Stanley assumed coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $38.00 target price for the company. Mizuho assumed coverage on Primo Brands in a report on Monday, May 12th. They issued an “outperform” rating and a $43.00 price objective for the company. Bank of America reduced their price target on Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a research report on Friday, July 11th. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price target for the company. Finally, Barclays dropped their price objective on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $40.70.

Primo Brands Stock Down 2.0%

Shares of PRMB opened at $27.05 on Monday. The firm has a market cap of $10.18 billion, a P/E ratio of -338.08, a PEG ratio of 0.51 and a beta of 0.73. Primo Brands Corporation has a 12 month low of $20.16 and a 12 month high of $35.85. The stock’s 50 day moving average is $29.81 and its two-hundred day moving average is $31.84. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The company’s revenue was up 42.1% on a year-over-year basis. Analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Insider Activity at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the sale, the director directly owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 58.40% of the stock is owned by corporate insiders.

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.