Morgan Stanley Cuts Primo Brands (NYSE:PRMB) Price Target to $35.00

Primo Brands (NYSE:PRMB) had its price target reduced by Morgan Stanley from $38.00 to $35.00 in a report published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts also recently commented on PRMB. Mizuho initiated coverage on Primo Brands in a report on Monday, May 12th. They issued an “outperform” rating and a $43.00 target price on the stock. TD Securities dropped their target price on Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a report on Friday. Royal Bank Of Canada dropped their target price on Primo Brands from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Friday. Bank of America dropped their target price on Primo Brands from $42.00 to $39.00 and set a “buy” rating on the stock in a report on Friday, July 11th. Finally, Barclays dropped their target price on Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.60.

Primo Brands Trading Up 1.7%

NYSE PRMB opened at $24.09 on Monday. 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 twelve month low of $21.36 and a twelve month high of $35.85. The firm has a market capitalization of $9.00 billion, a PE ratio of -218.98, a P/E/G ratio of 0.45 and a beta of 0.72. The stock’s 50 day moving average is $28.95 and its 200 day moving average is $31.53.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results 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 firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The business’s revenue was up 31.6% compared to the same quarter last year. Research analysts forecast that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm 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 $0.10 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. Primo Brands’s payout ratio is currently -363.64%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. NewGen Equity Long Short Fund purchased a new stake in Primo Brands during the second quarter valued at $6,967,000. Empowered Funds LLC increased its position in Primo Brands by 34.9% in the second quarter. Empowered Funds LLC now owns 223,392 shares of the company’s stock worth $6,617,000 after buying an additional 57,736 shares in the last quarter. Cetera Investment Advisers increased its position in Primo Brands by 69.7% in the second quarter. Cetera Investment Advisers now owns 82,394 shares of the company’s stock worth $2,441,000 after buying an additional 33,850 shares in the last quarter. Creative Planning increased its position in Primo Brands by 16.1% in the second quarter. Creative Planning now owns 41,068 shares of the company’s stock worth $1,216,000 after buying an additional 5,701 shares in the last quarter. Finally, Pinnbrook Capital Management LP increased its position in Primo Brands by 2.9% in the second quarter. Pinnbrook Capital Management LP now owns 496,451 shares of the company’s stock worth $14,705,000 after buying an additional 14,199 shares in the last quarter. 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.