Primo Brands (NYSE:PRMB) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Primo Brands (NYSE:PRMB) had its price objective increased by investment analysts at 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 indicates a potential upside of 16.82% from the company’s previous close.

A number of other analysts also recently commented on the company. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Royal Bank Of Canada set a $28.00 target price on Primo Brands in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft lowered their price target on Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a research report on Monday, March 30th. Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Friday, March 27th. Finally, Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Nine research 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, Primo Brands presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.18.

Primo Brands Price Performance

Primo Brands stock opened at $24.82 on Thursday. Primo Brands has a 1 year low of $14.36 and a 1 year high of $29.23. The firm has a 50 day moving average price of $24.03 and a 200 day moving average price of $21.00. The company has a market cap of $9.01 billion, a price-to-earnings ratio of 177.31, a PEG ratio of 2.19 and a beta of 0.73. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98.

Primo Brands (NYSE:PRMB) 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 company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 EPS. Sell-side analysts predict that Primo Brands will post 1.25 earnings per share for the current year.

Hedge Funds Weigh In On Primo Brands

Institutional investors and hedge funds have recently bought and sold shares of the stock. One Rock Capital Partners LLC purchased a new stake in Primo Brands during the 4th quarter worth $1,900,047,000. Viking Global Investors LP lifted its holdings in Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after buying an additional 14,578,589 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Primo Brands by 189.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock valued at $236,333,000 after buying an additional 9,461,990 shares during the last quarter. Alliancebernstein L.P. boosted its position in Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after buying an additional 5,640,287 shares during the last quarter. Finally, Alyeska Investment Group L.P. grew its stake in shares of Primo Brands by 622.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company’s stock valued at $101,690,000 after acquiring an additional 5,358,687 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.