Eric Foss Acquires 84,000 Shares of Primo Brands (NYSE:PRMB) Stock

Primo Brands Corporation (NYSE:PRMB) CEO Eric Foss bought 84,000 shares of the stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,806 shares of the company’s stock, valued at approximately $13,656,582.80. The trade was a 17.15% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Primo Brands Stock Up 1.4%

Shares of Primo Brands stock traded up $0.32 during midday trading on Wednesday, hitting $23.93. The company had a trading volume of 3,629,187 shares, compared to its average volume of 4,665,762. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The stock has a market capitalization of $8.67 billion, a P/E ratio of 92.04, a P/E/G ratio of 1.64 and a beta of 0.74. The company has a 50 day moving average of $23.92 and a 200 day moving average of $21.72. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $26.21.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the business earned $0.36 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a $0.12 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. Primo Brands’s payout ratio is presently 184.62%.

Institutional Investors Weigh In On Primo Brands

Several large investors have recently bought and sold shares of the business. One Rock Capital Partners LLC bought a new position in Primo Brands during the 4th quarter valued at about $1,900,047,000. Viking Global Investors LP boosted its holdings in shares of Primo Brands by 17.5% during the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after acquiring an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Primo Brands by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after acquiring an additional 1,053,185 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in shares of Primo Brands by 189.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after acquiring an additional 9,461,990 shares during the period. Finally, William Blair Investment Management LLC raised its holdings in shares of Primo Brands by 6.7% during the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock valued at $206,458,000 after purchasing an additional 793,036 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Barclays increased their price target on shares of Primo Brands from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Royal Bank Of Canada raised their price target on shares of Primo Brands from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Morgan Stanley restated an “overweight” rating and issued a $29.00 price objective on shares of Primo Brands in a report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primo Brands in a research report on Friday. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.25.

Primo Brands Company Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.