Primo Brands (NYSE:PRMB) Price Target Raised to $29.00

Primo Brands (NYSE:PRMB) had its price objective hoisted by Barclays from $26.00 to $29.00 in a research report released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research firms also recently commented on PRMB. Morgan Stanley reaffirmed an “overweight” rating and set a $29.00 price objective on shares of Primo Brands in a research note on Friday, August 7th. TD increased their price objective on shares of Primo Brands from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. TD Cowen reissued a “buy” rating on shares of Primo Brands in a research report on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Primo Brands in a report on Wednesday, November 4th. Finally, Deutsche Bank set a $21.00 target price on shares of Primo Brands in a report on Monday, October 19th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.82.

Primo Brands Price Performance

Shares of NYSE:PRMB opened at $24.01 on Monday. The company has a market cap of $8.68 billion, a P/E ratio of 20.23, a P/E/G ratio of 2.98 and a beta of 0.73. The business has a fifty day simple moving average of $20.37 and a 200-day simple moving average of $21.53. Primo Brands has a 52 week low of $14.80 and a 52 week high of $26.21. The company has a quick ratio of 0.86, a current ratio of 1.11 and a debt-to-equity ratio of 1.67.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, November 5th. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.01. Primo Brands had a return on equity of 14.55% and a net margin of 3.06%. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. Equities research analysts forecast that Primo Brands will post 1.27 EPS for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Tuesday, November 24th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 24th. This represents a $0.48 annualized dividend and a yield of 2.0%. Primo Brands’s dividend payout ratio is currently 85.71%.

Hedge Funds Weigh In On Primo Brands

Large investors have recently modified their holdings of the company. Squarepoint Ops LLC increased its position in Primo Brands by 62.0% during the 2nd quarter. Squarepoint Ops LLC now owns 761,563 shares of the company’s stock worth $18,613,000 after purchasing an additional 291,412 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Primo Brands in the second quarter valued at approximately $1,735,000. Royal Bank of Canada raised its holdings in Primo Brands by 127.1% in the first quarter. Royal Bank of Canada now owns 130,877 shares of the company’s stock valued at $2,464,000 after buying an additional 73,253 shares during the period. Sterling Capital Management LLC lifted its position in Primo Brands by 1,569.2% during the third quarter. Sterling Capital Management LLC now owns 122,568 shares of the company’s stock valued at $2,335,000 after buying an additional 115,225 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Primo Brands by 2,881.5% during 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 buying an additional 1,888,636 shares in the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Company Profile

Primo Brands is a North American beverage company focused on bottled water and water-related products and services. Its offerings include spring, purified and mineral water, water dispensers and filtration products, as well as water delivery for homes and businesses. The company’s portfolio includes brands such as Poland Spring, Deer Park, Pure Life, Ice Mountain, Ozarka, Arrowhead and Primo. Its products are sold through retail channels and delivered directly to consumers and businesses. Primo Brands was formed in 2024 through the combination of Primo Water Corporation and BlueTriton Brands.