Primo Brands (NYSE:PRMB) Price Target Raised to $27.00

Primo Brands (NYSE:PRMB) had its price objective increased by JPMorgan Chase & Co. from $26.00 to $27.00 in a research report sent to investors on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the company. Morgan Stanley decreased their target price on Primo Brands from $29.00 to $28.00 and set an “overweight” rating for the company in a research report on Monday. TD Cowen reissued a “buy” rating on shares of Primo Brands in a research report on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Primo Brands in a research note on Wednesday, November 4th. Royal Bank Of Canada reissued an “outperform” rating on shares of Primo Brands in a research note on Wednesday, November 4th. Finally, Zacks Research lowered Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Friday, October 30th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Primo Brands presently has an average rating of “Moderate Buy” and an average target price of $27.82.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $23.79 on Tuesday. The stock’s fifty day simple moving average is $20.41 and its 200 day simple moving average is $21.55. The stock has a market capitalization of $8.60 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 2.97 and a beta of 0.73. The company has a quick ratio of 0.86, a current ratio of 1.11 and a debt-to-equity ratio of 1.67. Primo Brands has a 52-week low of $14.80 and a 52-week high of $26.21.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.81 billion. Primo Brands had a net margin of 3.06% and a return on equity of 14.55%. The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. As a group, sell-side analysts forecast that Primo Brands will post 1.27 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Tuesday, November 24th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, November 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. Primo Brands’s dividend payout ratio is currently 85.71%.

Hedge Funds Weigh In On Primo Brands

Several institutional investors have recently bought and sold shares of the stock. AlphaGrep UK Ltd bought a new position in shares of Primo Brands in the 3rd quarter valued at approximately $191,000. Benjamin Edwards Inc. increased its stake in shares of Primo Brands by 6.7% in the third quarter. Benjamin Edwards Inc. now owns 11,872 shares of the company’s stock worth $226,000 after purchasing an additional 744 shares during the period. GW&K Investment Management LLC increased its stake in shares of Primo Brands by 40.4% in the third quarter. GW&K Investment Management LLC now owns 174,370 shares of the company’s stock worth $3,322,000 after purchasing an additional 50,173 shares during the period. Heartland Advisors Inc. lifted its position in shares of Primo Brands by 16.0% during the 3rd quarter. Heartland Advisors Inc. now owns 1,088,553 shares of the company’s stock worth $20,737,000 after purchasing an additional 150,249 shares during the last quarter. Finally, Voya Investment Management LLC lifted its position in shares of Primo Brands by 15.0% during the 3rd quarter. Voya Investment Management LLC now owns 21,452 shares of the company’s stock worth $409,000 after purchasing an additional 2,790 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

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.