Royal Bank Of Canada Has Lowered Expectations for Primo Brands (NYSE:PRMB) Stock Price

Key Points

• Royal Bank of Canada has lowered its price target for Primo Brands from $40.00 to $37.00, while maintaining an "outperform" rating, suggesting a potential upside of 56.02% from the stock's previous close.
• Primo Brands shares experienced a 1.2% decrease during mid-day trading, bringing the stock down to $23.72 with significant trading volume of nearly 6 million shares.
• Institutional investors hold a substantial 87.71% of Primo Brands' stock, indicating strong backing from large investment entities.

Primo Brands (NYSE:PRMB - Get Free Report) had its price target cut by stock analysts at Royal Bank Of Canada from $40.00 to $37.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 54.56% from the stock's current price.

Several other equities analysts have also recently issued reports on PRMB. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Mizuho started coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price for the company. Morgan Stanley started coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price for the company. TD Securities lowered their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Finally, Barclays lowered their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.60.

Primo Brands Price Performance

Shares of PRMB traded down $0.20 during mid-day trading on Friday, hitting $23.94. The company's stock had a trading volume of 518,735 shares, compared to its average volume of 5,259,854. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The firm has a 50-day simple moving average of $28.79 and a 200 day simple moving average of $31.47. The firm has a market capitalization of $8.94 billion, a P/E ratio of -217.47, a P/E/G ratio of 0.45 and a beta of 0.72. Primo Brands has a 1-year low of $21.54 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. Primo Brands's quarterly revenue was up 31.6% on a year-over-year basis. Analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted 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 in the last quarter. Boston Partners lifted its stake in shares of Primo Brands by 13.7% in the second quarter. Boston Partners now owns 8,089,479 shares of the company's stock worth $239,551,000 after acquiring an additional 971,939 shares in the last quarter. Eminence Capital LP raised its stake in Primo Brands by 48.3% during the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock valued at $249,107,000 after buying an additional 2,284,912 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Primo Brands during the first quarter valued at approximately $184,225,000. Finally, Samlyn Capital LLC raised its stake in Primo Brands by 401.8% during the first quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company's stock valued at $165,253,000 after buying an additional 3,728,344 shares in the last quarter. Institutional investors and hedge funds 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.