Primo Brands (NYSE:PRMB) CEO Purchases $1,999,200.00 in Stock

Primo Brands Corporation (NYSE:PRMB) CEO Eric Foss purchased 84,000 shares of the business’s stock in a transaction on Monday, August 10th. The shares were acquired at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the acquisition, the chief executive officer directly owned 573,806 shares in the company, valued at approximately $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Primo Brands Trading Down 0.5%

PRMB stock opened at $24.65 on Friday. Primo Brands Corporation has a one year low of $14.36 and a one year high of $26.21. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 94.80, a price-to-earnings-growth ratio of 1.73 and a beta of 0.74. The company has a fifty day moving average price of $23.98 and a two-hundred day moving average price of $21.81. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. The company had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 earnings per share. Equities analysts anticipate that Primo Brands Corporation will post 1.25 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, August 24th. Primo Brands’s payout ratio is currently 184.62%.

Analysts Set New Price Targets

Several research firms recently weighed in on PRMB. Royal Bank Of Canada lifted their price target on Primo Brands from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Barclays upped their price objective on Primo Brands from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, August 7th. TD increased their price objective on Primo Brands from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. TD Cowen reissued a “buy” rating on shares of Primo Brands in a report on Thursday, August 6th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $29.00 target price on shares of Primo Brands in a research report on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.25.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Caption Management LLC bought a new stake in shares of Primo Brands in the third quarter valued at approximately $27,000. LRI Investments LLC increased its stake in Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after acquiring an additional 1,306 shares during the period. Picton Mahoney Asset Management increased its stake in Primo Brands by 65.2% during the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after acquiring an additional 850 shares during the period. Harbor Investment Advisory LLC acquired a new position in Primo Brands in the 2nd quarter valued at $37,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Primo Brands by 76.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company’s stock valued at $37,000 after acquiring an additional 853 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

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.