TD Asset Management Inc Acquires 13,776 Shares of Primo Brands Corporation (NYSE:PRMB)

Key Points

• TD Asset Management Inc increased its stock position in Primo Brands Corporation by 37.4%, acquiring a total of 50,576 shares worth approximately $1.79 million by the end of the first quarter.
• Director Tony W. Lee sold over 50.6 million shares in a recent transaction, resulting in a significant decrease of 30.36% in his holdings, while insiders own 58.40% of the company.
• Analyst ratings for Primo Brands indicate a consensus of "Buy" with a price target averaging $40.70, following recent adjustments by several brokerages.

TD Asset Management Inc grew its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 37.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,576 shares of the company's stock after acquiring 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 quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management purchased a new stake in shares of Primo Brands during the 1st quarter worth about $608,000. Bank of New York Mellon Corp lifted its stake in shares of Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after purchasing an additional 96,366 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock valued at $244,000 after buying an additional 1,488 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Primo Brands by 14.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after acquiring an additional 1,656 shares during the period. Finally, Asset Management One Co. Ltd. acquired a new stake in Primo Brands in the first quarter valued at approximately $74,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Activity at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction dated 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 transaction, 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 available through this hyperlink. Insiders own 58.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRMB. Bank of America cut their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Barclays cut their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Morgan Stanley began coverage on Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price target for the company. Mizuho began coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. Finally, TD Securities started coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands has a consensus rating of "Buy" and a consensus price target of $40.70.

Primo Brands Stock Performance

PRMB traded down $0.33 during trading on Wednesday, reaching $26.32. 12,636,671 shares of the company's stock were exchanged, compared to its average volume of 4,938,136. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The business has a 50 day moving average price of $29.60 and a 200 day moving average price of $31.76. Primo Brands Corporation has a fifty-two week low of $20.16 and a fifty-two week high of $35.85. The company has a market capitalization of $9.91 billion, a P/E ratio of 28.96, a PEG ratio of 0.50 and a beta of 0.72.

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

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.