JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Primo Brands (NYSE:PRMB) Stock

Primo Brands (NYSE:PRMB) had its price target lifted by JPMorgan Chase & Co. from $26.00 to $29.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 15.23% from the stock’s previous close.

Several other equities analysts have also commented on the company. Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Friday, March 27th. Royal Bank Of Canada set a $28.00 price target on Primo Brands in a research note on Thursday, April 9th. Weiss Ratings raised Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Barclays upped their price objective on shares of Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a report on Monday, March 30th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and an average price target of $26.18.

Primo Brands Price Performance

Shares of PRMB traded up $0.24 during mid-day trading on Thursday, reaching $25.17. 1,030,705 shares of the company’s stock were exchanged, compared to its average volume of 4,735,661. The company has a market cap of $9.13 billion, a price-to-earnings ratio of 179.54, a PEG ratio of 2.08 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. Primo Brands has a 52-week low of $14.36 and a 52-week high of $29.23. The company has a 50-day simple moving average of $23.93 and a two-hundred day simple moving average of $20.91.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the company earned $0.29 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, sell-side analysts predict that Primo Brands will post 1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Primo Brands

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Heartland Advisors Inc. boosted its stake in shares of Primo Brands by 96.1% during the 4th quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock valued at $7,801,000 after buying an additional 233,803 shares during the last quarter. One Rock Capital Partners LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth approximately $1,900,047,000. Deprince Race & Zollo Inc. bought a new stake in shares of Primo Brands in the fourth quarter worth $11,559,000. JPMorgan Chase & Co. increased its stake in shares of Primo Brands by 25.5% in the third quarter. JPMorgan Chase & Co. now owns 3,698,550 shares of the company’s stock worth $81,739,000 after buying an additional 751,250 shares during the last quarter. Finally, KBC Group NV raised its holdings in Primo Brands by 12.5% in the fourth quarter. KBC Group NV now owns 3,380,056 shares of the company’s stock valued at $55,264,000 after acquiring an additional 376,855 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Company Profile

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.