Primo Brands (NYSE:PRMB) CEO Eric Foss Acquires 123,049 Shares of Stock

Primo Brands Corporation (NYSE:PRMB) CEO Eric Foss acquired 123,049 shares of the stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average cost of $15.52 per share, with a total value of $1,909,720.48. Following the completion of the transaction, the chief executive officer owned 355,066 shares in the company, valued at approximately $5,510,624.32. This represents a 53.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $16.33 on Friday. The stock’s 50-day simple moving average is $21.72 and its 200-day simple moving average is $26.54. The firm has a market capitalization of $6.05 billion, a PE ratio of -148.45, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. 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 debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06.

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

Primo Brands announced that its Board of Directors has approved a stock buyback program on Monday, November 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Primo Brands Announces Dividend

The business also recently declared 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. This represents a $0.40 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is currently -129.03%.

Hedge Funds Weigh In On Primo Brands

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC increased its stake in shares of Primo Brands by 12.1% during the first quarter. Signaturefd LLC now owns 3,013 shares of the company’s stock worth $107,000 after acquiring an additional 325 shares during the period. Procyon Advisors LLC boosted its holdings in Primo Brands by 2.3% in the 2nd quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock valued at $545,000 after purchasing an additional 411 shares in the last quarter. Dynamic Advisor Solutions LLC increased its position in Primo Brands by 1.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock worth $1,040,000 after purchasing an additional 567 shares during the period. Fulton Bank N.A. raised its stake in shares of Primo Brands by 3.1% during the 2nd quarter. Fulton Bank N.A. now owns 24,833 shares of the company’s stock worth $736,000 after buying an additional 737 shares in the last quarter. Finally, CWM LLC lifted its holdings in shares of Primo Brands by 20.5% in the 1st quarter. CWM LLC now owns 4,975 shares of the company’s stock valued at $177,000 after buying an additional 847 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PRMB. JPMorgan Chase & Co. decreased their price objective on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Jefferies Financial Group began coverage on Primo Brands in a research report on Friday, October 17th. They issued a “hold” rating and a $23.00 target price for the company. TD Securities dropped their price target on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Morgan Stanley cut their price target on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. Finally, Bank of America decreased their price objective on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Primo Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

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.