Insider Buying: Primo Brands (NYSE:PRMB) CEO 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 purchased at an average price of $15.52 per share, for a total transaction of $1,909,720.48. Following the completion of the transaction, the chief executive officer owned 355,066 shares of the company’s stock, valued at $5,510,624.32. This trade represents a 53.03% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $16.11 on Thursday. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of -146.44, a PEG ratio of 0.61 and a beta of 0.72. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85. The business has a fifty day simple moving average of $21.89 and a 200 day simple moving average of $26.61. 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 results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. The business’s revenue for the quarter was up 35.3% compared to the same quarter last year. Sell-side 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. Investors of record on Tuesday, November 25th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Primo Brands’s payout ratio is presently -129.03%.

Primo Brands declared that its board has initiated a stock buyback program on Monday, November 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Jefferies Financial Group began coverage on Primo Brands in a report on Friday, October 17th. They set a “hold” rating and a $23.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target on Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Morgan Stanley dropped their target price 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. Finally, Mizuho cut their price target on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Tuesday, October 28th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.75.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Primo Brands during the second quarter worth $26,000. IFP Advisors Inc acquired a new stake in Primo Brands in the first quarter worth about $40,000. New Age Alpha Advisors LLC acquired a new stake in Primo Brands in the first quarter worth about $43,000. Byrne Asset Management LLC bought a new stake in Primo Brands during the 3rd quarter worth about $47,000. Finally, Millstone Evans Group LLC acquired a new position in Primo Brands during the 1st quarter valued at about $54,000. 87.71% of the stock is currently owned by institutional investors.

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.