Primo Brands (NYSE:PRMB) Given New $26.00 Price Target at JPMorgan Chase & Co.

Primo Brands (NYSE:PRMB) had its price target cut by JPMorgan Chase & Co. from $30.00 to $26.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also issued reports on PRMB. Morgan Stanley reaffirmed an “overweight” rating and issued a $29.00 price target on shares of Primo Brands in a research report on Friday, August 7th. Barclays dropped their price objective on shares of Primo Brands from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. TD raised their price objective on shares of Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Primo Brands in a research note on Friday, August 7th. Finally, Royal Bank Of Canada upped their price objective on Primo Brands from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.55.

Primo Brands Trading Down 0.1%

Shares of PRMB stock opened at $19.73 on Friday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The stock has a market capitalization of $7.15 billion, a P/E ratio of 75.89, a price-to-earnings-growth ratio of 1.99 and a beta of 0.73. The company has a 50 day moving average price of $20.47 and a 200 day moving average price of $21.39. Primo Brands has a fifty-two week low of $14.36 and a fifty-two week high of $26.21.

Primo Brands (NYSE:PRMB) last released its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The company had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the business earned $0.36 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts predict that Primo Brands will post 1.27 EPS for the current fiscal year.

Insider Activity at Primo Brands

In related news, CEO Eric Foss bought 84,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the transaction, the chief executive officer directly owned 573,806 shares of the company’s stock, valued at approximately $13,656,582.80. This represents a 17.15% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 32.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primo Brands

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Primo Brands in the 3rd quarter valued at about $39,000. State of Wyoming boosted its position in shares of Primo Brands by 3.3% in the 3rd quarter. State of Wyoming now owns 65,414 shares of the company’s stock valued at $1,246,000 after purchasing an additional 2,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in shares of Primo Brands by 74.4% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 27,200 shares of the company’s stock valued at $518,000 after purchasing an additional 11,600 shares during the period. Park Avenue Securities LLC grew its stake in Primo Brands by 292.2% during the 3rd quarter. Park Avenue Securities LLC now owns 36,365 shares of the company’s stock worth $693,000 after buying an additional 27,094 shares during the last quarter. Finally, Sterling Capital Management LLC grew its stake in Primo Brands by 1,569.2% during the 3rd quarter. Sterling Capital Management LLC now owns 122,568 shares of the company’s stock worth $2,335,000 after buying an additional 115,225 shares during the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Company Profile

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.