TD Securities Issues Pessimistic Forecast for Primo Brands (NYSE:PRMB) Stock Price

Primo Brands (NYSE:PRMB) had its price target lowered by equities research analysts at TD Securities from $35.00 to $27.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. TD Securities’ price target points to a potential upside of 86.92% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Royal Bank Of Canada reduced their price target on Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday. Morgan Stanley cut their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Primo Brands in a report on Wednesday, October 8th. Bank of America decreased their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Finally, Mizuho dropped their price objective on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.83.

Primo Brands Stock Down 18.4%

Primo Brands stock traded down $3.26 during mid-day trading on Friday, reaching $14.45. 52,397,820 shares of the company’s stock were exchanged, compared to its average volume of 5,319,833. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands has a twelve month low of $14.36 and a twelve month high of $35.85. The company has a market cap of $5.40 billion, a P/E ratio of -131.32, a P/E/G ratio of 0.61 and a beta of 0.72. The company has a fifty day moving average of $22.65 and a 200-day moving average of $27.13.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business’s quarterly revenue was up 35.3% compared to the same quarter last year. Sell-side analysts expect that Primo Brands will post 1.13 EPS for the current year.

Insider Transactions at Primo Brands

In related news, Director Michael John Cramer bought 4,000 shares of the stock in a transaction dated Thursday, August 14th. The stock was acquired at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven P. Stanbrook acquired 12,400 shares of the stock in a transaction on Tuesday, August 12th. The shares were acquired at an average price of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director owned 125,025 shares in the company, valued at $3,005,601. This represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 24,685 shares of company stock valued at $595,770 over the last 90 days. Corporate insiders own 58.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Primo Brands in the 2nd quarter worth approximately $26,000. IFP Advisors Inc acquired a new position in shares of Primo Brands in the 1st quarter valued at $40,000. New Age Alpha Advisors LLC acquired a new stake in Primo Brands during the first quarter valued at approximately $43,000. Millstone Evans Group LLC bought a new position in shares of Primo Brands during the 1st quarter worth approximately $54,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after purchasing an additional 1,058 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Company Profile

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.