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

Primo Brands (NYSE:PRMB) had its target price lifted by JPMorgan Chase & Co. from $26.00 to $29.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

PRMB has been the topic of several other research reports. Barclays increased their target price on shares of Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Weiss Ratings raised shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Royal Bank Of Canada set a $28.00 price target on shares of Primo Brands in a research report on Thursday, April 9th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a research note on Monday, March 30th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.18.

Primo Brands Stock Performance

NYSE:PRMB opened at $24.82 on Thursday. The business has a 50 day moving average of $24.03 and a 200 day moving average of $21.00. The company has a market capitalization of $9.01 billion, a price-to-earnings ratio of 177.31, a PEG ratio of 2.14 and a beta of 0.73. Primo Brands has a 1-year low of $14.36 and a 1-year high of $29.23. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The firm’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 earnings per share. On average, sell-side analysts predict that Primo Brands will post 1.25 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands’s payout ratio is presently 342.86%.

Institutional Investors Weigh In On Primo Brands

Institutional investors have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new stake in Primo Brands in the 1st quarter worth $229,000. Caxton Associates LLP bought a new position in shares of Primo Brands during the first quarter valued at about $266,000. American Century Companies Inc. raised its stake in shares of Primo Brands by 9.3% during the second quarter. American Century Companies Inc. now owns 27,226 shares of the company’s stock valued at $806,000 after acquiring an additional 2,318 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Primo Brands by 797.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 54,589 shares of the company’s stock worth $1,617,000 after purchasing an additional 48,509 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Primo Brands by 29.1% during the second quarter. Invesco Ltd. now owns 301,535 shares of the company’s stock worth $8,931,000 after purchasing an additional 67,930 shares during the period. 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.