Primo Brands (NYSE:PRMB) Stock Gets Price Target Bump from JPMorgan Chase & Co.

Key Points

• JPMorgan raised Primo Brands’ price target from $26 to $27 and maintained an “overweight” rating, implying 12.29% upside from the prior close.
• Analyst opinions are mixed but lean positive: the consensus is “Moderate Buy,” with an average target of $27.82; Barclays raised its target to $29, while Zacks downgraded the stock to “Strong Sell.”
• Primo Brands slightly beat quarterly estimates, reporting EPS of $0.43 and revenue of $1.82 billion; revenue increased 3.1% year over year.

Primo Brands (NYSE:PRMB - Get Free Report) had its target price hoisted by stock analysts at JPMorgan Chase & Co. from $26.00 to $27.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 12.29% from the company's previous close.

PRMB has been the subject of several other reports. Morgan Stanley decreased their price target on shares of Primo Brands from $29.00 to $28.00 and set an "overweight" rating for the company in a research report on Monday. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, October 30th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Primo Brands in a report on Wednesday, November 4th. Barclays upped their price objective on shares of Primo Brands from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, TD Cowen reissued a "buy" rating on shares of Primo Brands in a report on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $27.82.

Primo Brands Price Performance

Shares of PRMB stock traded down $0.09 during mid-day trading on Tuesday, hitting $24.05. The company had a trading volume of 1,196,253 shares, compared to its average volume of 4,668,580. Primo Brands has a 52-week low of $14.80 and a 52-week high of $26.21. The stock's 50 day moving average price is $20.33 and its 200-day moving average price is $21.48. 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 company has a market capitalization of $8.71 billion, a P/E ratio of 42.97, a P/E/G ratio of 2.12 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.01. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter last year, the firm earned $0.41 EPS. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. Equities research analysts forecast that Primo Brands will post 1.27 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Edgestream Partners L.P. purchased a new stake in shares of Primo Brands during the 3rd quarter worth $3,426,000. Intech Investment Management LLC boosted its position in shares of Primo Brands by 44.6% during the 3rd quarter. Intech Investment Management LLC now owns 22,937 shares of the company's stock worth $437,000 after acquiring an additional 7,077 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Primo Brands by 40.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 770,909 shares of the company's stock worth $14,686,000 after acquiring an additional 223,213 shares in the last quarter. CENTRAL TRUST Co increased its holdings in shares of Primo Brands by 801.9% in the 3rd quarter. CENTRAL TRUST Co now owns 6,945 shares of the company's stock valued at $132,000 after acquiring an additional 6,175 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its holdings in shares of Primo Brands by 13.1% in the 3rd quarter. Maryland State Retirement & Pension System now owns 14,118 shares of the company's stock valued at $269,000 after acquiring an additional 1,640 shares during the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

About Primo Brands

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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