Primo Brands (NYSE:PRMB) CFO David Hass Buys 15,910 Shares of Stock

Primo Brands Corporation (NYSE:PRMB) CFO David Hass purchased 15,910 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were bought at an average cost of $15.71 per share, for a total transaction of $249,946.10. Following the completion of the purchase, the chief financial officer directly owned 64,745 shares of the company’s stock, valued at $1,017,143.95. The trade was a 32.58% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Primo Brands Stock Performance

PRMB stock opened at $16.11 on Thursday. The stock has a market capitalization of $5.96 billion, a PE ratio of -146.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The company has a 50 day moving average price of $21.89 and a 200 day moving average price of $26.61. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $35.85.

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

Primo Brands announced that its board has authorized a share buyback program on Monday, November 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. Primo Brands’s payout ratio is currently -129.03%.

Hedge Funds Weigh In On Primo Brands

Hedge funds have recently made changes to their positions in the business. Viking Global Investors LP increased its stake in Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after buying an additional 14,578,589 shares during the last quarter. Boston Partners increased its holdings in shares of Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company’s stock worth $252,552,000 after acquiring an additional 7,044,263 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after buying an additional 5,640,287 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Primo Brands in the first quarter valued at approximately $184,225,000. Finally, Vanguard Group Inc. grew its holdings 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 in the last quarter. 87.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of analyst reports. The Goldman Sachs Group assumed coverage on shares of Primo Brands in a report on Thursday, September 11th. They set a “neutral” rating and a $25.00 target price for the company. JPMorgan Chase & Co. dropped their price objective on Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Royal Bank Of Canada decreased their target price on Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday, November 4th. Barclays lowered their price target on Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Weiss Ratings cut shares of Primo Brands from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, November 7th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.