Primo Brands (NYSE:PRMB) Given New $29.00 Price Target at Barclays

Key Points

• Barclays raised its price target on Primo Brands to $29 from $26 and maintained an “overweight” rating, implying about 23% upside from the stock’s current price.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $27.82, though recommendations range from strong sell to buy.
• Primo Brands beat quarterly expectations with EPS of $0.43 versus $0.42 forecast and revenue of $1.82 billion versus $1.81 billion; revenue grew 3.1% year over year.

Primo Brands (NYSE:PRMB - Get Free Report) had its price target boosted by analysts at Barclays from $26.00 to $29.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's target price indicates a potential upside of 22.96% from the company's current price.

PRMB has been the topic of a number of other reports. Morgan Stanley restated an "overweight" rating and issued a $29.00 price objective on shares of Primo Brands in a report on Friday, August 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Primo Brands in a report on Wednesday. TD increased their target price on shares of Primo Brands from $29.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $21.00 target price on shares of Primo Brands in a research report on Monday, October 19th. Finally, Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, October 30th. Ten investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.82.

Primo Brands Trading Up 5.3%

Shares of PRMB stock traded up $1.19 on Monday, reaching $23.58. 1,126,927 shares of the stock were exchanged, compared to its average volume of 4,649,175. The stock has a market cap of $8.55 billion, a P/E ratio of 42.01, a price-to-earnings-growth ratio of 2.26 and a beta of 0.73. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.71. The firm has a 50 day moving average of $20.31 and a two-hundred day moving average of $21.46. Primo Brands has a 1-year low of $14.80 and a 1-year high of $26.21.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.01. Primo Brands had a return on equity of 14.64% and a net margin of 3.06%. The firm had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, research analysts anticipate that Primo Brands will post 1.27 EPS for the current year.

Institutional Trading of Primo Brands

Large investors have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its stake in Primo Brands by 40.8% in the third quarter. Russell Investments Group Ltd. now owns 770,909 shares of the company's stock valued at $14,686,000 after acquiring an additional 223,213 shares during the period. CENTRAL TRUST Co grew its holdings in shares of Primo Brands by 801.9% during the third quarter. CENTRAL TRUST Co now owns 6,945 shares of the company's stock valued at $132,000 after purchasing an additional 6,175 shares during the last quarter. Maryland State Retirement & Pension System raised its position in shares of Primo Brands by 13.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 14,118 shares of the company's stock worth $269,000 after purchasing an additional 1,640 shares during the period. Machina Capital S.A.S. raised its position in shares of Primo Brands by 53.9% during the 3rd quarter. Machina Capital S.A.S. now owns 19,415 shares of the company's stock worth $370,000 after purchasing an additional 6,800 shares during the period. Finally, Knights of Columbus Asset Advisors LLC raised its position in shares of Primo Brands by 15.1% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 201,571 shares of the company's stock worth $3,840,000 after purchasing an additional 26,436 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Company Profile

Primo Brands is a North American beverage company focused on bottled water and water-related products and services. Its offerings include spring, purified and mineral water, water dispensers and filtration products, as well as water delivery for homes and businesses.

The company's portfolio includes brands such as Poland Spring, Deer Park, Pure Life, Ice Mountain, Ozarka, Arrowhead and Primo. Its products are sold through retail channels and delivered directly to consumers and businesses.

Primo Brands was formed in 2024 through the combination of Primo Water Corporation and BlueTriton Brands.

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