JPMorgan Chase & Co. Has Lowered Expectations for Primo Brands (NYSE:PRMB) Stock Price

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

Several other brokerages also recently weighed in on PRMB. Morgan Stanley reaffirmed an “overweight” rating and set a $29.00 price target on shares of Primo Brands in a report on Friday, August 7th. TD Cowen reissued a “buy” rating on shares of Primo Brands in a research note on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Primo Brands in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft set a $21.00 target price on shares of Primo Brands in a report on Monday, October 19th. Finally, Barclays cut their price target on Primo Brands from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.55.

Primo Brands Stock Down 0.1%

PRMB stock opened at $19.73 on Friday. The business’s 50-day moving average price is $20.47 and its 200-day moving average price is $21.39. The stock has a market cap of $7.15 billion, a P/E ratio of 75.89, a PEG ratio of 1.99 and a beta of 0.73. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.71. Primo Brands has a twelve month low of $14.36 and a twelve month high of $26.21.

Primo Brands (NYSE:PRMB) last released its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the firm posted $0.36 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts forecast that Primo Brands will post 1.27 EPS for the current year.

Insider Activity

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

Hedge Funds Weigh In On Primo Brands

A number of hedge funds and other institutional investors have recently modified their holdings of PRMB. Allspring Global Investments Holdings LLC grew its stake in Primo Brands by 57.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,050,888 shares of the company’s stock valued at $133,050,000 after acquiring an additional 2,585,164 shares in the last quarter. Bank of America Corp DE lifted its stake in Primo Brands by 41.7% in the 1st quarter. Bank of America Corp DE now owns 6,067,351 shares of the company’s stock worth $114,248,000 after purchasing an additional 1,785,259 shares in the last quarter. KBC Group NV lifted its stake in Primo Brands by 49.2% in the 1st quarter. KBC Group NV now owns 5,041,625 shares of the company’s stock worth $94,934,000 after purchasing an additional 1,661,569 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Primo Brands by 2,881.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,954,180 shares of the company’s stock worth $37,227,000 after purchasing an additional 1,888,636 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Primo Brands by 226.7% during the 2nd 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. Institutional investors own 87.71% of the company’s stock.

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.