Primo Brands Corporation Plans Quarterly Dividend of $0.10 (NYSE:PRMB)

Primo Brands Corporation (NYSE:PRMB) announced a quarterly dividend on Thursday, November 6th. Stockholders of record on Tuesday, November 25th will be given a dividend of 0.10 per share on Friday, December 5th. This represents a c) annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, November 25th.

Primo Brands has raised its dividend payment by an average of 0.2%annually over the last three years.

Primo Brands Stock Performance

Shares of Primo Brands stock opened at $17.75 on Friday. The firm has a 50 day simple moving average of $22.65 and a 200 day simple moving average of $27.13. Primo Brands has a fifty-two week low of $17.50 and a fifty-two week high of $35.85. 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 firm has a market cap of $6.63 billion, a P/E ratio of -161.36, a P/E/G ratio of 0.61 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company’s revenue for the quarter was up 31.6% on a year-over-year basis. Sell-side analysts predict that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Primo Brands news, Director Michael John Cramer purchased 4,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares in the company, valued at $312,158.52. This trade represents a 45.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven P. Stanbrook acquired 12,400 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director directly owned 125,025 shares in the company, valued at $3,005,601. This represents a 11.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 24,685 shares of company stock worth $595,770 over the last ninety days. 58.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primo Brands

Several large investors have recently made changes to their positions in the stock. Viking Global Investors LP lifted its position 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 acquiring an additional 14,578,589 shares in the last quarter. Boston Partners raised its position in Primo Brands by 9,613.2% in the 1st quarter. Boston Partners now owns 7,117,540 shares of the company’s stock valued at $252,552,000 after buying an additional 7,044,263 shares during the last quarter. Alliancebernstein L.P. raised its position in Primo Brands by 2,486.6% in the 2nd 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 during the last quarter. Victory Capital Management Inc. bought a new stake in Primo Brands in the 1st quarter valued at approximately $184,225,000. Finally, Vanguard Group Inc. boosted its position in 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 last quarter. Institutional investors own 87.71% of the company’s stock.

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.