Cormark Has Negative View of Premium Brands FY2024 Earnings

Premium Brands Holdings Co. (TSE:PBH) – Research analysts at Cormark lowered their FY2024 earnings per share estimates for shares of Premium Brands in a research note issued to investors on Monday, January 6th. Cormark analyst K. Mcphee now anticipates that the company will post earnings per share of $3.90 for the year, down from their previous estimate of $3.94. The consensus estimate for Premium Brands’ current full-year earnings is $6.04 per share.

Premium Brands (TSE:PBH) last posted its earnings results on Wednesday, November 6th. The company reported C$1.11 earnings per share for the quarter, missing analysts’ consensus estimates of C$1.36 by C($0.25). Premium Brands had a return on equity of 6.43% and a net margin of 1.78%. During the same period last year, the company posted $1.27 EPS.

Several other brokerages have also recently issued reports on PBH. National Bankshares boosted their price target on Premium Brands from C$101.00 to C$109.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Raymond James set a C$100.00 price target on Premium Brands and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Royal Bank of Canada reduced their price objective on shares of Premium Brands from C$100.00 to C$96.00 in a research note on Thursday, November 7th. Stifel Nicolaus cut their target price on Premium Brands from C$106.00 to C$101.00 in a research note on Thursday, November 7th. Finally, TD Securities lowered their price target on Premium Brands from C$129.00 to C$120.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$103.11.

Premium Brands Price Performance

Shares of Premium Brands stock opened at C$79.53 on Wednesday. The company has a 50-day simple moving average of C$80.83 and a two-hundred day simple moving average of C$87.77. Premium Brands has a twelve month low of C$75.67 and a twelve month high of C$97.10. The stock has a market capitalization of C$3.53 billion, a price-to-earnings ratio of 31.31, a price-to-earnings-growth ratio of 1.10 and a beta of 0.98. The company has a quick ratio of 1.16, a current ratio of 1.56 and a debt-to-equity ratio of 161.28.

Premium Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 4.28%. The ex-dividend date is Tuesday, December 31st. Premium Brands’s dividend payout ratio is currently 133.86%.

Insider Buying and Selling at Premium Brands

In related news, Director Johnny Ciampi acquired 2,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were purchased at an average price of C$78.78 per share, for a total transaction of C$157,560.00. Corporate insiders own 2.01% of the company’s stock.

About Premium Brands

Premium Brands Holdings Corporation, through its subsidiaries, manufactures and distributes food products primarily in Canada and the United States. It operates in two segments, Specialty Foods and Premium Food Distribution. The company provides processed meat, deli products, meat snacks, beef jerky and halal, sandwiches, pastries, specialty and gourmet products, entrees, panini, wraps, subs, hamburgers, burgers, salads and kettle products, muffins, breads, pastas, pizza, and baking and sushi products.