Zacks Research Downgrades Primo Brands (NYSE:PRMB) to Strong Sell

by · The Markets Daily

Primo Brands (NYSE:PRMB – Get Free Report) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other analysts have also issued reports on PRMB. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. JPMorgan Chase & Co. reduced their price target on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Morgan Stanley cut their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Jefferies Financial Group started coverage on shares of Primo Brands in a report on Friday, October 17th. They issued a “hold” rating and a $23.00 price target on the stock. Finally, Royal Bank Of Canada set a $37.00 price target on shares of Primo Brands and gave the stock an “outperform” rating in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.08.

Get Our Latest Stock Analysis on Primo Brands

Primo Brands Stock Up 2.2%

Primo Brands stock opened at $22.66 on Tuesday. 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 12-month low of $21.37 and a 12-month high of $35.85. The firm’s fifty day moving average is $22.80 and its 200 day moving average is $27.19. The company has a market capitalization of $8.46 billion, a PE ratio of -206.00, a PEG ratio of 0.61 and a beta of 0.76.

Primo Brands (NYSE:PRMB – Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). The company had revenue of $1.73 billion for 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%. The company’s revenue was up 31.6% on a year-over-year basis. As a group, sell-side analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael John Cramer acquired 4,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the transaction, the director owned 12,762 shares of the company’s stock, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven P. Stanbrook acquired 12,400 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares in the company, valued at $3,005,601. This trade represents a 11.01% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 24,685 shares of company stock valued at $595,770. 58.40% of the stock is owned by company insiders.

Institutional Trading of Primo Brands

Several hedge funds have recently modified their holdings of PRMB. Viking Global Investors LP lifted its holdings in shares of Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after buying an additional 14,578,589 shares during the period. Boston Partners raised its holdings in Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock worth $252,552,000 after purchasing an additional 7,044,263 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Primo Brands during the first quarter worth $184,225,000. Finally, Vanguard Group Inc. raised its holdings in 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 during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

About Primo Brands

(Get Free Report)

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.

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