JPMorgan Chase & Co. Issues Positive Forecast for Primo Brands (NYSE:PRMB) Stock Price

Primo Brands (NYSE:PRMB) had its target price upped by JPMorgan Chase & Co. from $26.00 to $29.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

PRMB has been the topic of a number of other reports. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Royal Bank Of Canada set a $28.00 price target on Primo Brands in a report on Thursday, April 9th. Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Friday, March 27th. Barclays raised their price objective on Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective 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. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $26.18.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $25.36 on Thursday. The company has a market capitalization of $9.20 billion, a PE ratio of 181.13, a price-to-earnings-growth ratio of 2.15 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. The company’s fifty day moving average price is $24.00 and its 200 day moving average price is $20.97. Primo Brands has a 1 year low of $14.36 and a 1 year high of $29.23.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data 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 firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 EPS. On average, research analysts predict that Primo Brands will post 1.25 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Thursday, June 4th. Primo Brands’s dividend payout ratio is 342.86%.

Institutional Investors Weigh In On Primo Brands

Institutional investors have recently bought and sold shares of the company. Fulton Bank N.A. increased its stake in Primo Brands by 10.5% during the 2nd quarter. Fulton Bank N.A. now owns 28,759 shares of the company’s stock worth $703,000 after buying an additional 2,741 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Primo Brands in the second quarter worth approximately $419,000. Assenagon Asset Management S.A. increased its position in shares of Primo Brands by 350.3% during the second quarter. Assenagon Asset Management S.A. now owns 65,544 shares of the company’s stock worth $1,602,000 after purchasing an additional 50,989 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Primo Brands during the second quarter worth approximately $37,000. Finally, CoreCap Advisors LLC acquired a new position in Primo Brands in the 2nd quarter valued at $88,000. 87.71% of the stock is currently 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.