David Hass Acquires 15,910 Shares of Primo Brands (NYSE:PRMB) Stock

Primo Brands Corporation (NYSE:PRMB) CFO David Hass acquired 15,910 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average cost of $15.71 per share, with a total value of $249,946.10. Following the completion of the transaction, the chief financial officer directly owned 64,745 shares in the company, valued at approximately $1,017,143.95. The trade was a 32.58% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Primo Brands Trading Up 1.6%

NYSE PRMB opened at $16.33 on Friday. The firm’s 50-day moving average is $21.72 and its two-hundred day moving average is $26.54. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month 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. The stock has a market capitalization of $6.05 billion, a P/E ratio of -148.45, 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 for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands’s quarterly revenue was up 35.3% on a year-over-year basis. On average, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.

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

Primo Brands Dividend Announcement

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 given 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 2.4%. Primo Brands’s payout ratio is presently -129.03%.

Hedge Funds Weigh In On Primo Brands

Several hedge funds and other institutional investors have recently made changes to their positions in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Primo Brands during the second quarter worth approximately $26,000. IFP Advisors Inc acquired a new position in Primo Brands during the 1st quarter worth approximately $40,000. New Age Alpha Advisors LLC acquired a new position in Primo Brands during the 1st quarter worth approximately $43,000. Millstone Evans Group LLC purchased a new stake in shares of Primo Brands in the 1st quarter valued at approximately $54,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after purchasing an additional 1,058 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

PRMB has been the subject of a number of research reports. Royal Bank Of Canada dropped their price objective on Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Barclays dropped their target price on Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday. Morgan Stanley reduced their price target on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. Jefferies Financial Group assumed coverage on shares of Primo Brands in a research note on Friday, October 17th. They issued a “hold” rating and a $23.00 price objective for the company. Finally, Bank of America cut their target price on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Nine equities research 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.