Barclays Forecasts Strong Price Appreciation for Primo Brands (NYSE:PRMB) Stock

Primo Brands (NYSE:PRMB) had its target price hoisted by research analysts at Barclays from $21.00 to $27.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 17.39% from the company’s current price.

A number of other analysts also recently weighed in on PRMB. JPMorgan Chase & Co. cut their price target on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 18th. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. The Goldman Sachs Group lowered their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, November 25th. Finally, Zacks Research lowered Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Primo Brands has a consensus rating of “Moderate Buy” and an average price target of $26.92.

Primo Brands Stock Performance

NYSE:PRMB opened at $23.00 on Monday. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 153.33, a PEG ratio of 1.65 and a beta of 0.61. Primo Brands has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.86 and a current ratio of 1.02. The stock has a fifty day moving average price of $18.64 and a 200-day moving average price of $19.81.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a return on equity of 14.24% and a net margin of 0.90%.The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm earned $0.13 earnings per share. Primo Brands’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, equities analysts anticipate that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands announced that its Board of Directors has approved a share buyback plan on Monday, November 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. One Rock Capital Partners LLC bought a new position in Primo Brands in the 4th quarter valued at about $1,900,047,000. Viking Global Investors LP raised its stake in shares of Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock worth $509,051,000 after purchasing an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Primo Brands by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock valued at $376,522,000 after purchasing an additional 1,053,185 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in shares of Primo Brands by 189.5% during the fourth 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. Finally, William Blair Investment Management LLC grew its holdings in Primo Brands by 6.7% during the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock worth $206,458,000 after buying an additional 793,036 shares in the last quarter. Institutional investors and hedge funds 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.