Primo Brands (NYSE:PRMB) CFO Purchases $249,946.10 in Stock

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

Primo Brands Stock Up 5.1%

PRMB traded up $0.79 during midday trading on Wednesday, reaching $16.26. The company’s stock had a trading volume of 2,070,408 shares, compared to its average volume of 5,422,909. The stock’s 50-day moving average is $22.06 and its 200-day moving average is $26.68. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $35.85. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of -146.00, a PEG ratio of 0.61 and a beta of 0.72. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

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

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders 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 2.5%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is currently -129.03%.

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

Hedge Funds Weigh In On Primo Brands

Several institutional investors have recently bought and sold shares of PRMB. Principal Financial Group Inc. increased its holdings in shares of Primo Brands by 7.3% in the 1st quarter. Principal Financial Group Inc. now owns 79,224 shares of the company’s stock valued at $2,812,000 after acquiring an additional 5,383 shares during the period. Xponance Inc. lifted its position in Primo Brands by 33.0% during the first quarter. Xponance Inc. now owns 15,076 shares of the company’s stock valued at $535,000 after acquiring an additional 3,744 shares during the last quarter. Arizona State Retirement System purchased a new position in Primo Brands in the first quarter worth $2,104,000. CWM LLC lifted its holdings in shares of Primo Brands by 20.5% during the 1st quarter. CWM LLC now owns 4,975 shares of the company’s stock valued at $177,000 after purchasing an additional 847 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of Primo Brands by 12.1% in the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company’s stock worth $107,000 after purchasing an additional 325 shares in the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Morgan Stanley reduced their price objective on Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a report on Monday, August 11th. Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Mizuho reduced their price target on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, October 28th. Jefferies Financial Group initiated coverage on shares of Primo Brands in a report on Friday, October 17th. They issued a “hold” rating and a $23.00 target price for the company. Finally, TD Securities decreased their price objective on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Nine 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’s stock. According to data from MarketBeat, the company currently has an average 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.