Primo Brands (NYSE:PRMB) Director Steven Stanbrook Buys 54,540 Shares of Stock

Primo Brands Corporation (NYSE:PRMB) Director Steven Stanbrook purchased 54,540 shares of the stock in a transaction that occurred on Thursday, November 13th. The shares were acquired at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the transaction, the director directly owned 181,601 shares of the company’s stock, valued at $2,983,704.43. The trade was a 42.92% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Primo Brands Price Performance

PRMB stock traded up $0.09 during mid-day trading on Friday, reaching $16.40. The company’s stock had a trading volume of 12,797,221 shares, compared to its average volume of 5,567,059. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The company’s 50 day moving average is $21.54 and its two-hundred day moving average is $26.43. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The stock has a market cap of $6.07 billion, a PE ratio of -149.13, a P/E/G ratio of 0.61 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last posted 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. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. The firm’s revenue for the quarter was up 35.3% compared to the same quarter last year. Equities research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s payout ratio is currently -129.03%.

Primo Brands declared that its Board of Directors has authorized a stock repurchase plan on Monday, November 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

PRMB has been the subject of several recent analyst reports. Morgan Stanley cut their price objective 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. JPMorgan Chase & Co. cut their price target on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Barclays reduced their target price on Primo Brands from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Mizuho decreased their price target on Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 28th. Finally, Jefferies Financial Group began coverage on shares of Primo Brands in a report on Friday, October 17th. They issued a “hold” rating and a $23.00 price objective on the stock. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.75.

Hedge Funds Weigh In On Primo Brands

Institutional investors have recently bought and sold shares of the company. Viking Global Investors LP boosted its stake in shares of Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after purchasing an additional 3,431,854 shares during the period. Vanguard Group Inc. boosted its position in Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after buying an additional 4,389,327 shares during the period. William Blair Investment Management LLC boosted its position in Primo Brands by 11.6% in the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after buying an additional 1,231,701 shares during the period. Boston Partners grew its stake in shares of Primo Brands by 13.7% in the second quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after acquiring an additional 971,939 shares in the last quarter. Finally, Eminence Capital LP increased its position in shares of Primo Brands by 48.3% during the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after acquiring an additional 2,284,912 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

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.