Insider Buying: Primo Brands (NYSE:PRMB) Director Acquires 5,000 Shares of Stock

Primo Brands Corporation (NYSE:PRMB) Director Michael John Cramer purchased 5,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average cost of $15.73 per share, with a total value of $78,650.00. Following the completion of the purchase, the director directly owned 17,762 shares in the company, valued at approximately $279,396.26. This represents a 39.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Michael John Cramer also recently made the following trade(s):

• On Thursday, August 14th, Michael John Cramer bought 4,000 shares of Primo Brands stock. The stock was acquired at an average cost of $24.46 per share, for a total transaction of $97,840.00.

Primo Brands Stock Performance

Primo Brands stock traded up $0.79 during trading hours on Wednesday, hitting $16.26. The stock had a trading volume of 2,070,408 shares, compared to its average volume of 5,422,909. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two 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. The company has a market cap of $6.07 billion, a PE ratio of -146.00, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a 50-day moving average of $22.06 and a two-hundred day moving average of $26.68.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. The company’s quarterly revenue was up 35.3% on a year-over-year basis. On average, equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.5%. Primo Brands’s dividend payout ratio (DPR) is presently -129.03%.

Primo Brands declared that its Board of Directors has initiated a share buyback plan on Monday, November 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

PRMB has been the topic of several analyst reports. Morgan Stanley cut their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Monday, August 11th. Mizuho reduced their target price on Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, October 28th. Bank of America lowered their target price on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Finally, Barclays lowered their target price on Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Primo Brands has a consensus rating of “Moderate Buy” and an average target price of $30.75.

Institutional Investors Weigh In On Primo Brands

Several institutional investors have recently made changes to their positions in PRMB. Vanguard Group Inc. lifted its holdings in shares of Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after acquiring an additional 4,389,327 shares during the period. Viking Global Investors LP raised its position 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 valued at $580,615,000 after purchasing an additional 14,578,589 shares in the last quarter. Boston Partners boosted its holdings in shares of Primo Brands by 13.7% in the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after purchasing an additional 971,939 shares in the last quarter. Eminence Capital LP increased its stake in shares of Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock valued at $249,107,000 after purchasing an additional 2,284,912 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after buying an additional 5,640,287 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.

About Primo Brands

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.