Primo Brands (NYSE:PRMB) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Primo Brands (NYSE:PRMB) had its target price trimmed by JPMorgan Chase & Co. from $30.00 to $26.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms have also recently issued reports on PRMB. TD Cowen reissued a “buy” rating on shares of Primo Brands in a research note on Thursday, August 6th. Barclays cut their target price on Primo Brands from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Morgan Stanley reiterated an “overweight” rating and set a $29.00 price target on shares of Primo Brands in a report on Friday, August 7th. Royal Bank Of Canada raised 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. Finally, Deutsche Bank Aktiengesellschaft set a $21.00 price target on Primo Brands in a research note on Monday, October 19th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.55.

Primo Brands Trading Down 0.1%

Shares of NYSE:PRMB opened at $19.73 on Friday. The business’s 50 day moving average price is $20.47 and its 200-day moving average price is $21.39. Primo Brands has a 1 year low of $14.36 and a 1 year high of $26.21. The firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of 75.89, a price-to-earnings-growth ratio of 1.99 and a beta of 0.73. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86.

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

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CEO Eric Foss purchased 84,000 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was purchased at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the purchase, the chief executive officer owned 573,806 shares of the company’s stock, valued at approximately $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 32.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primo Brands

Several institutional investors have recently modified their holdings of PRMB. Squarepoint Ops LLC boosted its position in Primo Brands by 62.0% during the 2nd quarter. Squarepoint Ops LLC now owns 761,563 shares of the company’s stock valued at $18,613,000 after buying an additional 291,412 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Primo Brands during the 2nd quarter valued at about $1,735,000. Royal Bank of Canada lifted its holdings in shares of Primo Brands by 127.1% in the 1st quarter. Royal Bank of Canada now owns 130,877 shares of the company’s stock worth $2,464,000 after acquiring an additional 73,253 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Primo Brands by 1,569.2% in 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 period. Finally, Wellington Management Group LLP purchased a new position in shares of Primo Brands in the second quarter worth $4,494,000. 87.71% of the stock is owned by institutional investors.

About Primo Brands

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.