Primo Brands (NYSE:PRMB) Given New $26.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Primo Brands’ price target to $26 from $30 while maintaining an “overweight” rating, implying roughly 31.8% upside from the $19.73 share price.
• Analyst sentiment remains favorable, with 10 Buy ratings and four Holds producing a “Moderate Buy” consensus and average price target of $27.55.
• Primo Brands recently beat quarterly expectations, reporting $0.37 in EPS versus $0.32 expected and $1.80 billion in revenue, up 3.8% year over year. CEO Eric Foss also bought 84,000 shares for approximately $2 million.

Primo Brands (NYSE:PRMB - Get Free Report) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $30.00 to $26.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 31.78% from the company's current price.

A number of other research firms have also commented on PRMB. TD Cowen reaffirmed a "buy" rating on shares of Primo Brands in a research note on Thursday, August 6th. Barclays cut their price target on shares of Primo Brands from $29.00 to $26.00 and set an "overweight" rating on the stock in a report on Friday, October 16th. Royal Bank Of Canada upped their price target on shares of Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Morgan Stanley reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of Primo Brands in a research note on Friday, August 7th. Finally, TD raised their price objective on shares of Primo Brands from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.55.

Primo Brands Stock Down 0.1%

PRMB stock opened at $19.73 on Friday. The firm has a market cap of $7.15 billion, a PE ratio of 75.89, a P/E/G ratio of 1.99 and a beta of 0.73. Primo Brands has a 12 month low of $14.36 and a 12 month high of $26.21. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86. The firm has a 50 day simple moving average of $20.47 and a 200 day simple moving average of $21.39.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%. The company had revenue of $1.80 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. Equities research analysts forecast that Primo Brands will post 1.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Primo Brands news, CEO Eric Foss bought 84,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were bought at an average price of $23.80 per share, for a total transaction of $1,999,200.00. Following the acquisition, the chief executive officer directly owned 573,806 shares of the company's stock, valued at approximately $13,656,582.80. This trade represents a 17.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 32.90% of the stock is currently owned by company insiders.

Institutional Trading of Primo Brands

Several institutional investors have recently made changes to their positions in PRMB. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Primo Brands in the 3rd quarter worth approximately $39,000. State of Wyoming grew its holdings in shares of Primo Brands by 3.3% during the 3rd quarter. State of Wyoming now owns 65,414 shares of the company's stock valued at $1,246,000 after acquiring an additional 2,100 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in shares of Primo Brands by 74.4% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 27,200 shares of the company's stock worth $518,000 after acquiring an additional 11,600 shares during the last quarter. Park Avenue Securities LLC increased its stake in shares of Primo Brands by 292.2% in the third quarter. Park Avenue Securities LLC now owns 36,365 shares of the company's stock worth $693,000 after acquiring an additional 27,094 shares during the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of Primo Brands by 1,569.2% during the third quarter. Sterling Capital Management LLC now owns 122,568 shares of the company's stock worth $2,335,000 after acquiring an additional 115,225 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Company Profile

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.

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