Primo Brands (NYSE:PRMB) Director Acquires $97,840.00 in Stock

Primo Brands Corporation (NYSE:PRMB) Director Michael John Cramer bought 4,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average cost of $24.46 per share, with a total value of $97,840.00. Following the transaction, the director owned 12,762 shares in the company, valued at approximately $312,158.52. This represents a 45.65% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Primo Brands Stock Up 0.9%

Shares of NYSE:PRMB opened at $25.0350 on Thursday. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of -227.59, a price-to-earnings-growth ratio of 0.58 and a beta of 0.72. The company has a 50 day moving average of $28.14 and a two-hundred day moving average of $31.15. Primo Brands Corporation has a 52-week low of $21.54 and a 52-week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business’s revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a $0.10 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. Primo Brands’s dividend payout ratio is -363.64%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Mizuho decreased their target price on shares of Primo Brands from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday. TD Securities decreased their target price on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Morgan Stanley decreased their price target on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Finally, Royal Bank Of Canada decreased their price target on shares of Primo Brands from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Primo Brands presently has an average rating of “Moderate Buy” and an average target price of $37.30.

Hedge Funds Weigh In On Primo Brands

Several large investors have recently added to or reduced their stakes in PRMB. Viking Global Investors LP lifted its stake in Primo Brands by 290.2% during the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after purchasing an additional 14,578,589 shares during the last quarter. Boston Partners lifted its stake in Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock worth $252,552,000 after purchasing an additional 7,044,263 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Primo Brands in the first quarter valued at $184,225,000. Finally, Eminence Capital LP bought a new stake in Primo Brands in the fourth quarter valued at $145,670,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.