Mizuho Raises Primo Brands (NYSE:PRMB) Price Target to $28.00

Key Points

• Mizuho raised its price target to $28 (from $24) and kept an "outperform" rating, implying roughly a 24% upside from the prior close.
• Analyst consensus is a "Moderate Buy" with an average target of $27.25 (nine Buy, three Hold, two Sell ratings).
• Primo Brands beat quarterly estimates (EPS $0.26 vs. $0.20; revenue $1.55B, +11.2% YoY) and its board approved a $50 million share buyback program.

Primo Brands (NYSE:PRMB - Get Free Report) had its target price upped by analysts at Mizuho from $24.00 to $28.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's target price would suggest a potential upside of 24.22% from the stock's previous close.

Several other brokerages have also recently weighed in on PRMB. Royal Bank Of Canada upped their target price on Primo Brands to $26.00 and gave the stock an "outperform" rating in a report on Tuesday, February 24th. Weiss Ratings restated a "sell (d+)" rating on shares of Primo Brands in a report on Monday, December 29th. JPMorgan Chase & Co. lowered their price objective on shares of Primo Brands from $23.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, December 18th. Barclays increased their target price on shares of Primo Brands from $21.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday. Finally, TD Securities boosted their price target on shares of Primo Brands from $27.00 to $29.00 and gave the company a "buy" rating in a report on Friday, February 27th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $27.25.

Primo Brands Trading Down 0.5%

Shares of NYSE:PRMB traded down $0.11 during trading on Thursday, reaching $22.54. 472,383 shares of the company were exchanged, compared to its average volume of 6,346,270. The business's fifty day simple moving average is $18.76 and its 200-day simple moving average is $19.83. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.86. Primo Brands has a 12-month low of $14.36 and a 12-month high of $35.85. The firm has a market capitalization of $8.19 billion, a PE ratio of 150.27, a P/E/G ratio of 1.66 and a beta of 0.61.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.06. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.Primo Brands's quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 earnings per share. On average, research analysts anticipate that Primo Brands will post 1.13 EPS for the current year.

Primo Brands declared that its Board of Directors has approved a share buyback program on Monday, November 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Primo Brands during the second quarter valued at approximately $26,000. Caption Management LLC acquired a new position in shares of Primo Brands during the third quarter worth $27,000. LRI Investments LLC lifted its holdings in shares of Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company's stock valued at $32,000 after purchasing an additional 1,306 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company's stock valued at $62,000 after purchasing an additional 1,058 shares during the last quarter. Finally, Byrne Asset Management LLC acquired a new stake in shares of Primo Brands in the 3rd quarter worth $47,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

About Primo Brands

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.