Primo Brands (NYSE:PRMB) Price Target Raised to $28.00

Primo Brands (NYSE:PRMB) had its target price lifted by Mizuho from $24.00 to $28.00 in a research report report published on Thursday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on the company. 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 note on Thursday, December 18th. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Morgan Stanley reiterated an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. The Goldman Sachs Group decreased their price objective on Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, November 25th. Finally, Royal Bank Of Canada upped their target price on Primo Brands to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 24th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.25.

Primo Brands Stock Performance

NYSE PRMB opened at $22.09 on Thursday. The company’s 50 day moving average is $18.98 and its 200-day moving average is $19.79. Primo Brands has a 12-month low of $14.36 and a 12-month high of $35.85. The company has a quick ratio of 0.86, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. The firm has a market cap of $8.03 billion, a P/E ratio of 147.27, a price-to-earnings-growth ratio of 1.59 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last announced 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 net margin of 0.90% and a return on equity of 14.52%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the company posted $0.13 EPS. Primo Brands’s revenue was up 11.2% compared to the same quarter last year. Sell-side analysts predict that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands declared that its board has approved a share repurchase plan on Monday, November 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to reacquire up to 0.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, March 6th. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio (DPR) is presently 266.67%.

Hedge Funds Weigh In On Primo Brands

Several hedge funds have recently made changes to their positions in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Primo Brands in the 2nd quarter worth $26,000. Caption Management LLC bought a new stake in shares of Primo Brands during the 3rd quarter valued at about $27,000. LRI Investments LLC increased its position in shares of Primo Brands by 203.1% during the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock valued at $32,000 after buying an additional 1,306 shares during the period. Picton Mahoney Asset Management increased its position in shares of Primo Brands by 65.2% during 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 period. Finally, Quarry LP raised its stake in Primo Brands by 516.6% in the fourth quarter. Quarry LP now owns 2,380 shares of the company’s stock worth $39,000 after buying an additional 1,994 shares in the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

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.