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

Primo Brands Corporation (NYSE:PRMB) CFO David Hass purchased 15,910 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was bought at an average price of $15.71 per share, for a total transaction of $249,946.10. Following the transaction, the chief financial officer directly owned 64,745 shares of the company’s stock, valued at $1,017,143.95. This trade represents a 32.58% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link.

Primo Brands Price Performance

Shares of PRMB stock traded up $0.79 during trading hours 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 firm’s 50 day simple moving average is $22.06 and its 200-day simple moving average is $26.68. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The company 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.

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, hitting 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 company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. The firm’s revenue for the quarter was up 35.3% compared to the same quarter last year. Sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.5%. Primo Brands’s dividend payout ratio is presently -129.03%.

Primo Brands announced that its board has authorized a stock buyback program on Monday, November 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

PRMB has been the topic of several recent analyst reports. TD Securities dropped their price target on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Mizuho decreased their target price on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, October 28th. Jefferies Financial Group assumed coverage on Primo Brands in a research note on Friday, October 17th. They set a “hold” rating and a $23.00 price objective on the stock. Barclays reduced their target price on Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday. Finally, The Goldman Sachs Group assumed coverage on Primo Brands in a report on Thursday, September 11th. They set a “neutral” rating and a $25.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Hedge Funds Weigh In On Primo Brands

A number of institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in shares of Primo Brands by 7.3% during the 1st quarter. Principal Financial Group Inc. now owns 79,224 shares of the company’s stock worth $2,812,000 after acquiring an additional 5,383 shares during the last quarter. Xponance Inc. grew its holdings in shares of Primo Brands by 33.0% during the 1st quarter. Xponance Inc. now owns 15,076 shares of the company’s stock valued at $535,000 after purchasing an additional 3,744 shares during the last quarter. Arizona State Retirement System purchased a new position in shares of Primo Brands in the first quarter worth about $2,104,000. CWM LLC grew its holdings in shares of Primo Brands by 20.5% in the first quarter. CWM LLC now owns 4,975 shares of the company’s stock worth $177,000 after purchasing an additional 847 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in Primo Brands by 12.1% during the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company’s stock valued at $107,000 after buying an additional 325 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

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.