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

Zacks Research downgraded shares of Primo Brands (NYSE:PRMB) from a hold rating to a strong sell rating in a report released on Tuesday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Primo Brands in a report on Thursday, September 11th. They issued a “neutral” rating and a $25.00 price target for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Primo Brands in a research report on Wednesday, October 8th. Royal Bank Of Canada set a $37.00 target price on shares of Primo Brands and gave the company an “outperform” rating in a research note on Tuesday. Morgan Stanley lowered their price target on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Finally, TD Securities cut their price target on Primo Brands from $48.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.08.

Primo Brands Stock Performance

PRMB opened at $17.75 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. The stock’s 50 day moving average price is $22.65 and its two-hundred day moving average price is $27.13. The firm has a market capitalization of $6.63 billion, a P/E ratio of -161.36, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. Primo Brands has a 12-month low of $17.50 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share 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 the consensus estimate of $1.83 billion. Primo Brands’s revenue for the quarter was up 31.6% compared to the same quarter last year. On average, equities analysts forecast that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a yield of 2.3%. Primo Brands’s dividend payout ratio (DPR) is currently -363.64%.

Insider Buying and Selling at Primo Brands

In related news, CEO Robbert Rietbroek acquired 8,285 shares of the stock in a transaction dated Wednesday, August 13th. The shares were bought at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the purchase, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven P. Stanbrook bought 12,400 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares in the company, valued at $3,005,601. This represents a 11.01% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 24,685 shares of company stock valued at $595,770. 58.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primo Brands

Several institutional investors have recently bought and sold shares of PRMB. Cibc World Market Inc. grew its holdings in shares of Primo Brands by 461.8% during the third quarter. Cibc World Market Inc. now owns 158,971 shares of the company’s stock worth $3,513,000 after purchasing an additional 130,674 shares during the last quarter. Caprock Group LLC acquired a new position in Primo Brands during the 3rd quarter worth about $177,000. Bryce Point Capital LLC bought a new stake in Primo Brands during the 3rd quarter worth about $402,000. Arista Wealth Management LLC grew its holdings in Primo Brands by 10.0% during the 3rd quarter. Arista Wealth Management LLC now owns 43,954 shares of the company’s stock worth $971,000 after acquiring an additional 4,000 shares during the last quarter. Finally, New York Life Investment Management LLC acquired a new stake in Primo Brands in the 3rd quarter valued at about $570,000. 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.