Primo Brands (NYSE:PRMB) CEO Eric Foss Acquires 4,970 Shares of Stock

Primo Brands Corporation (NYSE:PRMB) CEO Eric Foss acquired 4,970 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were purchased at an average price of $16.15 per share, with a total value of $80,265.50. Following the completion of the acquisition, the chief executive officer owned 360,036 shares in the company, valued at approximately $5,814,581.40. The trade was a 1.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Primo Brands Stock Up 1.5%

PRMB traded up $0.25 during trading on Friday, hitting $16.56. The company had a trading volume of 3,254,116 shares, compared to its average volume of 5,522,083. The business has a 50-day moving average of $21.72 and a 200-day moving average of $26.54. The company has a market cap of $6.13 billion, a PE ratio of -150.68, a P/E/G 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 debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88.

Primo Brands (NYSE:PRMB) last posted 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. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm’s quarterly revenue was up 35.3% on a year-over-year basis. As a group, analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

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

Primo Brands Announces Dividend

The company 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 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s payout ratio is presently -129.03%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PRMB shares. Morgan Stanley lowered their price objective on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Jefferies Financial Group assumed 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. dropped their target price on Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. The Goldman Sachs Group began coverage on shares of Primo Brands in a report on Thursday, September 11th. They set a “neutral” rating and a $25.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. Nine investment 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.com, Primo Brands currently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Institutional Trading of Primo Brands

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Primo Brands in the 2nd quarter valued at approximately $26,000. IFP Advisors Inc acquired a new position in shares of Primo Brands in the first quarter valued at $40,000. Caption Management LLC acquired a new position in shares of Primo Brands in the third quarter valued at $27,000. New Age Alpha Advisors LLC bought a new position in Primo Brands in the first quarter worth $43,000. Finally, Millstone Evans Group LLC acquired a new stake in Primo Brands during the first quarter worth $54,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

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.