TD Securities Cuts Primo Brands (NYSE:PRMB) Price Target to $35.00

Key Points

• TD Securities has lowered its price target for Primo Brands from $48.00 to $35.00 while maintaining a "buy" rating, indicating a potential upside of 46.05% from its current price.
• Research analysts have mixed ratings for Primo Brands, with Barclays reducing their target to $38.00 and Deutsche Bank reiterating a "hold" with a target of $26.00.
• Primo Brands recently reported a quarterly EPS of $0.29, exceeding estimates, alongside a significant increase in revenue compared to the same quarter last year.

Primo Brands (NYSE:PRMB - Free Report) had its price target decreased by TD Securities from $48.00 to $35.00 in a report published on Friday,BayStreet.CA reports. TD Securities currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the stock. Morgan Stanley began coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price for the company. Barclays cut their price target 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. Mizuho began coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a research note on Friday, August 8th. Finally, Bank of America cut their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.60.

Primo Brands Stock Down 0.8%

PRMB stock traded down $0.20 during midday trading on Friday, hitting $23.95. 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 quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands has a 52-week low of $21.54 and a 52-week high of $35.85. The firm has a market capitalization of $8.94 billion, a P/E ratio of -217.47, a PEG ratio of 0.45 and a beta of 0.72. The firm has a 50-day simple moving average of $28.79 and a 200-day simple moving average of $31.47.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands's revenue was up 31.6% on a year-over-year basis. As a group, equities analysts forecast that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Thursday, August 21st. Primo Brands's dividend payout ratio is -363.64%.

Institutional Investors Weigh In On Primo Brands

Several large investors have recently modified their holdings of the stock. LPL Financial LLC purchased a new position in Primo Brands in the fourth quarter worth $550,000. Arrowstreet Capital Limited Partnership purchased a new position in Primo Brands in the fourth quarter worth $312,000. Alliancebernstein L.P. purchased a new position in Primo Brands in the fourth quarter worth $5,092,000. Franklin Resources Inc. purchased a new position in Primo Brands in the fourth quarter worth $290,000. Finally, National Bank of Canada FI purchased a new position in Primo Brands in the fourth quarter worth $148,000. Hedge funds and other 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.