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

Primo Brands (NYSE:PRMB) had its price target decreased by JPMorgan Chase & Co. from $30.00 to $26.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 31.78% from the stock’s previous close.

Several other brokerages have also commented on PRMB. Deutsche Bank Aktiengesellschaft set a $21.00 price target on shares of Primo Brands in a research note on Monday, October 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Primo Brands in a report on Friday, August 7th. Royal Bank Of Canada increased their target price on shares of Primo Brands from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Morgan Stanley restated an “overweight” rating and set a $29.00 target price on shares of Primo Brands in a report on Friday, August 7th. Finally, TD boosted their price target on Primo Brands from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.55.

Primo Brands Trading Down 0.1%

Shares of NYSE PRMB opened at $19.73 on Friday. The business has a 50 day simple moving average of $20.47 and a 200 day simple moving average of $21.39. Primo Brands has a 52 week low of $14.36 and a 52 week high of $26.21. The stock has a market cap of $7.15 billion, a price-to-earnings ratio of 75.89, a PEG ratio of 1.99 and a beta of 0.73. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates 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 for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 earnings per share. On average, research analysts predict that Primo Brands will post 1.27 earnings per share for the current fiscal year.

Insider Activity at Primo Brands

In other news, CEO Eric Foss purchased 84,000 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were bought at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,806 shares in the company, valued at $13,656,582.80. This trade represents a 17.15% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 32.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Primo Brands

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in Primo Brands by 57.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,050,888 shares of the company’s stock worth $133,050,000 after acquiring an additional 2,585,164 shares during the last quarter. Bank of America Corp DE boosted its holdings in Primo Brands by 41.7% during the first quarter. Bank of America Corp DE now owns 6,067,351 shares of the company’s stock valued at $114,248,000 after acquiring an additional 1,785,259 shares during the period. KBC Group NV boosted its holdings in Primo Brands by 49.2% during the first quarter. KBC Group NV now owns 5,041,625 shares of the company’s stock valued at $94,934,000 after acquiring an additional 1,661,569 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Primo Brands by 2,881.5% in the third quarter. Assenagon Asset Management S.A. now owns 1,954,180 shares of the company’s stock valued at $37,227,000 after purchasing an additional 1,888,636 shares during the last quarter. Finally, Tidal Investments LLC grew its position in shares of Primo Brands by 226.7% in the second quarter. Tidal Investments LLC now owns 1,150,675 shares of the company’s stock valued at $28,122,000 after purchasing an additional 798,488 shares during the last quarter. 87.71% of the stock is owned by institutional investors.

Primo Brands Company Profile

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.