Insider Buying: Primo Brands (NYSE:PRMB) Director Acquires $78,650.00 in Stock

Primo Brands Corporation (NYSE:PRMB) Director Michael John Cramer purchased 5,000 shares of the stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the completion of the transaction, the director owned 17,762 shares in the company, valued at $279,396.26. This trade represents a 39.18% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Michael John Cramer also recently made the following trade(s):

• On Thursday, August 14th, Michael John Cramer bought 4,000 shares of Primo Brands stock. The stock was bought at an average price of $24.46 per share, for a total transaction of $97,840.00.

Primo Brands Stock Up 0.6%

Shares of Primo Brands stock opened at $16.40 on Friday. The company has a market cap of $6.07 billion, a P/E ratio of -149.13, 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 current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The stock has a 50-day moving average price of $21.54 and a 200 day moving average price of $26.43.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, November 6th. The company reported $0.41 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 quarterly revenue was up 35.3% compared to the same quarter last year. As a group, analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s payout ratio is -129.03%.

Primo Brands announced that its board has authorized a stock repurchase plan on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Bank of America cut their target price on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Jefferies Financial Group assumed coverage on Primo Brands in a research report on Friday, October 17th. They issued a “hold” rating and a $23.00 price objective for the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $26.00 price objective on shares of Primo Brands in a research report on Friday, August 8th. Barclays lowered their price target on shares of Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Finally, Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.75.

Institutional Trading of Primo Brands

A number of large investors have recently bought and sold shares of PRMB. 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 worth $107,000 after buying an additional 325 shares during the period. Procyon Advisors LLC increased its position in shares of Primo Brands by 2.3% during the second quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock worth $545,000 after acquiring an additional 411 shares in the last quarter. Dynamic Advisor Solutions LLC increased its position in shares of Primo Brands by 1.2% during the third quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock worth $1,040,000 after acquiring an additional 567 shares in the last quarter. Fulton Bank N.A. raised its holdings in shares of Primo Brands by 3.1% during the second quarter. Fulton Bank N.A. now owns 24,833 shares of the company’s stock worth $736,000 after acquiring an additional 737 shares during the period. Finally, CWM LLC lifted its position in Primo Brands by 20.5% in the 1st quarter. CWM LLC now owns 4,975 shares of the company’s stock valued at $177,000 after acquiring an additional 847 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

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.