Insider Buying: Primo Brands (NYSE:PRMB) Director Acquires 5,000 Shares of Stock

Primo Brands Corporation (NYSE:PRMB) Director Michael John Cramer purchased 5,000 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were acquired at an average price of $15.73 per share, with a total value of $78,650.00. Following the purchase, the director directly owned 17,762 shares in the company, valued at $279,396.26. This represents a 39.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 purchased at an average price of $24.46 per share, with a total value of $97,840.00.

Primo Brands Stock Performance

Shares of Primo Brands stock traded up $0.79 during trading hours on Wednesday, hitting $16.26. 2,070,408 shares of the company’s stock traded hands, compared to its average volume of 5,422,909. The stock 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. The company has a fifty day simple moving average of $22.06 and a 200-day simple moving average of $26.68. 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 Corporation has a 12-month low of $14.36 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $1.77 billion during 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 business’s revenue for the quarter was up 35.3% on a year-over-year basis. Equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands declared that its Board of Directors has approved a share buyback program on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Primo Brands Dividend Announcement

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

Institutional Investors Weigh In On Primo Brands

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Primo Brands in the 2nd quarter valued at about $26,000. IFP Advisors Inc bought a new stake in Primo Brands during the 1st quarter valued at $40,000. New Age Alpha Advisors LLC purchased a new position in shares of Primo Brands in the 1st quarter valued at $43,000. Byrne Asset Management LLC bought a new position in shares of Primo Brands in the 3rd quarter worth $47,000. Finally, Millstone Evans Group LLC purchased a new stake in shares of Primo Brands during the 1st quarter worth $54,000. 87.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PRMB has been the topic of a number of recent research reports. Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. The Goldman Sachs Group initiated coverage on Primo Brands in a research report on Thursday, September 11th. They issued a “neutral” rating and a $25.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Barclays reduced their price target on shares of Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Mizuho reduced their target price on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Tuesday, October 28th. 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 stock. Based on data from MarketBeat.com, Primo Brands presently has an average rating of “Moderate Buy” and an average 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.