Primo Brands (NYSE:PRMB) Upgraded to “Buy” 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 note published on Friday, MarketBeat Ratings reports. Jefferies Financial Group currently has $25.00 price objective on the stock.

A number of other equities research analysts have also commented on the company. Zacks Research upgraded Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Mizuho lifted their price objective on Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, March 5th. JPMorgan Chase & Co. reduced their target price on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. Finally, BMO Capital Markets restated an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a report on Friday, January 23rd. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.42.

Primo Brands Trading Up 2.5%

PRMB opened at $18.33 on Friday. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. Primo Brands has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The company’s 50 day moving average price is $19.71 and its two-hundred day moving average price is $19.28. The firm has a market capitalization of $6.66 billion, a price-to-earnings ratio of 122.19, a PEG ratio of 1.30 and a beta of 0.61.

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

Primo Brands Increases Dividend

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

Hedge Funds Weigh In On Primo Brands

Several institutional investors have recently added to or reduced their stakes in the business. iA Global Asset Management Inc. boosted its position in shares of Primo Brands by 102.7% during the 3rd quarter. iA Global Asset Management Inc. now owns 346,570 shares of the company’s stock worth $7,659,000 after purchasing an additional 175,620 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Primo Brands in the 2nd quarter valued at about $3,255,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Primo Brands by 249.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock worth $1,719,000 after buying an additional 55,505 shares during the period. William Blair Investment Management LLC raised its stake in Primo Brands by 11.6% during the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock worth $261,540,000 after buying an additional 1,231,701 shares during the period. Finally, Ceredex Value Advisors LLC bought a new position in Primo Brands in the second quarter worth approximately $41,154,000. 87.71% of the stock is owned by institutional investors and hedge funds.

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.