Primo Brands (NYSE:PRMB) Price Target Raised to $29.00

Key Points

• JPMorgan Chase & Co. raised Primo Brands’ price target from $26 to $29 and kept an overweight rating, implying about 15.23% upside from the prior close.
• Other analysts remain mixed but generally constructive: Jefferies upgraded PRMB to buy, while Deutsche Bank cut its target to $19; overall, the stock carries a Moderate Buy consensus with an average target of $26.18.
• Primo Brands shares were up 0.9% to $25.17, and the company recently reported Q1 revenue above expectations but EPS slightly below estimates at $0.23 versus $0.24 expected.

Primo Brands (NYSE:PRMB - Get Free Report) had its price objective boosted by JPMorgan Chase & Co. from $26.00 to $29.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 15.23% from the company's previous close.

A number of other brokerages have also recently commented on PRMB. Jefferies Financial Group raised shares of Primo Brands from a "hold" rating to a "buy" rating and set a $25.00 target price on the stock in a report on Friday, March 27th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Primo Brands from $24.00 to $19.00 and set a "hold" rating for the company in a research note on Monday, March 30th. Barclays lifted their price objective on shares of Primo Brands from $24.00 to $25.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Weiss Ratings raised shares of Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, Royal Bank Of Canada set a $28.00 price target on Primo Brands in a research report on Thursday, April 9th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $26.18.

Primo Brands Stock Up 0.9%

Shares of Primo Brands stock traded up $0.24 during trading on Thursday, hitting $25.17. 1,030,705 shares of the stock were exchanged, compared to its average volume of 4,735,661. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. The firm's 50-day moving average price is $23.93 and its 200 day moving average price is $20.91. The stock has a market cap of $9.13 billion, a price-to-earnings ratio of 179.54, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73. Primo Brands has a 12-month low of $14.36 and a 12-month high of $29.23.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The firm's quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 earnings per share. As a group, analysts forecast that Primo Brands will post 1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Primo Brands

A number of large investors have recently made changes to their positions in PRMB. One Rock Capital Partners LLC purchased a new position in Primo Brands in the 4th quarter valued at approximately $1,900,047,000. Viking Global Investors LP increased its position in shares of Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company's stock valued at $509,051,000 after buying an additional 3,431,854 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company's stock worth $376,522,000 after buying an additional 1,053,185 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of Primo Brands by 189.5% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company's stock worth $236,333,000 after buying an additional 9,461,990 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its position in shares of Primo Brands by 6.7% in the 4th quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company's stock worth $206,458,000 after buying an additional 793,036 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Company Profile

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.

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