Barclays Issues Positive Forecast for Primo Brands (NYSE:PRMB) Stock Price

Primo Brands (NYSE:PRMB) had its target price boosted by equities researchers at Barclays from $21.00 to $27.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 17.09% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Mizuho dropped their price target on shares of Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, January 8th. JPMorgan Chase & Co. cut their target price on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, December 18th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a report on Friday, January 23rd. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.92.

Primo Brands Stock Performance

PRMB stock traded up $0.38 during trading on Monday, hitting $23.06. 246,340 shares of the company traded hands, compared to its average volume of 6,413,220. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86. Primo Brands has a 1 year low of $14.36 and a 1 year high of $35.85. The stock’s 50-day simple moving average is $18.38 and its 200 day simple moving average is $19.83. The company has a market cap of $8.54 billion, a PE ratio of 153.67, a P/E/G ratio of 0.82 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a net margin of 0.90% and a return on equity of 14.24%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company earned $0.13 EPS. The business’s revenue was up 11.2% on a year-over-year basis. On average, equities analysts expect that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands declared that its Board of Directors has initiated a stock buyback plan on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Primo Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of PRMB. Dynamic Technology Lab Private Ltd purchased a new position in Primo Brands during the 1st quarter worth $229,000. Caxton Associates LLP acquired a new position in Primo Brands during the 1st quarter worth approximately $266,000. Envestnet Asset Management Inc. raised its stake in shares of Primo Brands by 453.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 261,823 shares of the company’s stock worth $7,755,000 after buying an additional 214,507 shares in the last quarter. Assetmark Inc. acquired a new stake in shares of Primo Brands in the 2nd quarter valued at approximately $134,000. Finally, Atria Investments Inc purchased a new stake in shares of Primo Brands in the second quarter valued at approximately $544,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

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.