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

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

Several other brokerages have also recently issued reports on PRMB. TD Securities boosted their price objective on Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a report on Friday, February 27th. Barclays raised their target price on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. JPMorgan Chase & Co. lowered their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Primo Brands has an average rating of “Moderate Buy” and an average target price of $27.25.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $21.89 on Thursday. The company has a 50 day simple moving average of $18.87 and a two-hundred day simple moving average of $19.84. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 145.93, a PEG ratio of 1.63 and a beta of 0.61. The company has a current ratio of 0.95, a quick ratio of 0.86 and a debt-to-equity ratio of 1.70. Primo Brands has a 12 month low of $14.36 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company posted $0.13 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. As a group, analysts predict that Primo Brands will post 1.13 earnings per share for the current year.

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

Primo Brands Increases Dividend

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Xponance LLC grew its stake in Primo Brands by 4.2% in the 4th quarter. Xponance LLC now owns 13,114 shares of the company’s stock valued at $214,000 after acquiring an additional 528 shares during the period. Dynamic Advisor Solutions LLC lifted its holdings in Primo Brands by 1.2% during the third quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock valued at $1,040,000 after purchasing an additional 567 shares in the last quarter. Picton Mahoney Asset Management grew its position in shares of Primo Brands by 65.2% in the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock valued at $35,000 after purchasing an additional 850 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Primo Brands in the second quarter valued at about $26,000. Finally, Madison Asset Management LLC increased its stake in shares of Primo Brands by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock worth $2,362,000 after purchasing an additional 943 shares in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

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.