Primo Brands (NYSE:PRMB) Stock Price Expected to Rise, Mizuho Analyst Says

Primo Brands (NYSE:PRMB) had its target price boosted by equities researchers at Mizuho from $24.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Mizuho’s target price would indicate a potential upside of 26.75% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. BMO Capital Markets reissued an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a report on Friday, January 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. TD Securities increased their target price 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 research report on Monday, March 2nd. Finally, Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Primo Brands has a consensus rating of “Moderate Buy” and an average target price of $27.25.

Primo Brands Stock Up 1.0%

PRMB stock opened at $22.09 on Thursday. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.86. The stock has a market capitalization of $8.03 billion, a P/E ratio of 147.27, a P/E/G ratio of 1.58 and a beta of 0.61. Primo Brands has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The business has a 50-day moving average of $18.98 and a 200-day moving average of $19.82.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 26th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.13 earnings per share. On average, sell-side analysts anticipate that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands announced that its Board of Directors has initiated a share buyback program on Monday, November 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Primo Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Primo Brands in the second quarter valued at $26,000. Caption Management LLC acquired a new position in Primo Brands during the third quarter worth about $27,000. LRI Investments LLC increased its holdings in Primo Brands by 203.1% in the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock valued at $32,000 after buying an additional 1,306 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after acquiring an additional 1,058 shares during the period. Finally, Byrne Asset Management LLC purchased a new stake in shares of Primo Brands during the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

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.