Primo Brands (NYSE:PRMB) Upgraded at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Primo Brands (NYSE:PRMB) from a hold rating to a buy rating in a research report report published on Friday morning, MarketBeat reports. The firm currently has $25.00 target price on the stock.

PRMB has been the topic of a number of other reports. Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Weiss Ratings raised Primo Brands from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 23rd. JPMorgan Chase & Co. decreased their target price on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 18th. Barclays lifted their price target on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Finally, TD Securities boosted their price target on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.42.

Primo Brands Stock Up 0.4%

Shares of PRMB stock opened at $18.33 on Friday. Primo Brands has a twelve month low of $14.36 and a twelve month high of $35.85. The stock has a market cap of $6.66 billion, a P/E ratio of 122.19, a P/E/G ratio of 1.32 and a beta of 0.61. The stock has a 50 day moving average of $19.71 and a 200 day moving average of $19.21. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company earned $0.13 EPS. The business’s revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts expect that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Friday, March 6th were issued a $0.12 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, March 6th. Primo Brands’s payout ratio is currently 266.67%.

Institutional Investors Weigh In On Primo Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Xponance LLC grew its holdings in shares of Primo Brands by 4.2% during the 4th quarter. Xponance LLC now owns 13,114 shares of the company’s stock worth $214,000 after purchasing an additional 528 shares during the period. Dynamic Advisor Solutions LLC raised its holdings in Primo Brands by 1.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock valued at $1,040,000 after buying an additional 567 shares during the period. Picton Mahoney Asset Management lifted its position in Primo Brands by 65.2% in the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock valued at $35,000 after buying an additional 850 shares during the last quarter. Madison Asset Management LLC boosted its stake in Primo Brands by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock worth $2,362,000 after buying an additional 943 shares during the period. Finally, US Bancorp DE boosted its stake in Primo Brands by 47.2% during the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after buying an additional 945 shares during the period. 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.