Primo Brands (NYSE:PRMB) Upgraded by Jefferies Financial Group to “Buy” Rating

Primo Brands (NYSE:PRMB) was upgraded by equities researchers at Jefferies Financial Group from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $25.00 price target on the stock. Jefferies Financial Group’s price target points to a potential upside of 39.64% from the stock’s current price.

Several other analysts have also recently issued reports on PRMB. Mizuho upped their price objective on Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, March 5th. JPMorgan Chase & Co. cut their target price 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. Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Barclays upped their price target on shares of Primo Brands from $21.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Finally, TD Securities lifted their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.42.

Primo Brands Trading Down 2.8%

Shares of PRMB stock opened at $17.90 on Friday. Primo Brands has a 12-month low of $14.36 and a 12-month high of $35.85. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. The stock’s 50-day moving average price is $19.72 and its 200-day moving average price is $19.32. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 119.35, a price-to-earnings-growth ratio of 1.34 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last posted its 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 the consensus estimate of $1.52 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 earnings per share. Equities research analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Institutional Trading of Primo Brands

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd purchased a new position in Primo Brands during the first quarter worth $229,000. Caxton Associates LLP purchased a new stake in shares of Primo Brands in the first quarter valued at $266,000. Creative Planning lifted its holdings in shares of Primo Brands by 16.1% in the 2nd quarter. Creative Planning now owns 41,068 shares of the company’s stock worth $1,216,000 after acquiring an additional 5,701 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Primo Brands by 69.7% in the 2nd quarter. Cetera Investment Advisers now owns 82,394 shares of the company’s stock worth $2,441,000 after acquiring an additional 33,850 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its stake in shares of Primo Brands by 11.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 12,984 shares of the company’s stock worth $385,000 after purchasing an additional 1,330 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

About Primo Brands

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.