Insider Buying: Primo Brands (NYSE:PRMB) Director Buys 54,540 Shares of Stock

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

Primo Brands Trading Up 0.0%

PRMB stock traded up $0.01 during midday trading on Friday, hitting $16.32. The stock had a trading volume of 646,702 shares, compared to its average volume of 5,509,431. The firm has a market cap of $6.04 billion, a P/E ratio of -148.11, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. 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 business has a fifty day moving average price of $21.72 and a two-hundred day moving average price of $26.54.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm’s quarterly revenue was up 35.3% on a year-over-year basis. On average, sell-side analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently declared 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. The ex-dividend date 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 -129.03%.

Primo Brands announced that its Board of Directors has approved a share repurchase program on Monday, November 10th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Primo Brands

A number of hedge funds have recently bought and sold shares of PRMB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Primo Brands during the 2nd quarter valued at $26,000. IFP Advisors Inc bought a new position in shares of Primo Brands in the first quarter worth approximately $40,000. New Age Alpha Advisors LLC bought a new stake in Primo Brands during the first quarter valued at about $43,000. Millstone Evans Group LLC purchased a new position in Primo Brands in the 1st quarter worth approximately $54,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after buying an additional 1,058 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Barclays lowered their target price on shares of Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday. Mizuho lowered 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. TD Securities cut their price objective on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Zacks Research lowered shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Finally, The Goldman Sachs Group started coverage on shares of Primo Brands in a report on Thursday, September 11th. They issued a “neutral” rating and a $25.00 price target for the company. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

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.