Primo Brands (NYSE:PRMB) Director Buys $97,840.00 in Stock

Key Points

• Director Michael John Cramer of Primo Brands Corporation purchased 4,000 shares at an average price of $24.46, increasing his total ownership by 45.65% to 12,762 shares.
• The company's quarterly earnings reported earnings per share of $0.36, missing estimates, with a revenue of $1.73 billion, which was below expectations of $1.83 billion.
• Primo Brands announced a quarterly dividend of $0.10, with an ex-dividend date on August 21, representing an annualized yield of 1.6%.

Primo Brands Corporation (NYSE:PRMB - Get Free Report) Director Michael John Cramer purchased 4,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Primo Brands Stock Down 0.7%

NYSE:PRMB traded down $0.1620 during mid-day trading on Friday, reaching $24.7480. The stock had a trading volume of 3,945,273 shares, compared to its average volume of 7,040,055. The stock has a market cap of $9.24 billion, a P/E ratio of 23.95, a PEG ratio of 0.60 and a beta of 0.72. The business's 50 day moving average is $27.95 and its 200 day moving average is $31.04. 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 fifty-two week low of $21.54 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands's revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands's dividend payout ratio is presently -363.64%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Primo Brands by 28.7% in the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after acquiring an additional 4,389,327 shares during the last quarter. Viking Global Investors LP boosted its holdings in Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company's stock valued at $580,615,000 after purchasing an additional 14,578,589 shares during the period. Boston Partners boosted its holdings in Primo Brands by 13.7% in the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company's stock valued at $239,551,000 after purchasing an additional 971,939 shares during the period. Eminence Capital LP grew its position in Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock worth $249,107,000 after purchasing an additional 2,284,912 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company's stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PRMB shares. Barclays reduced their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Mizuho cut their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Finally, Morgan Stanley dropped 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. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Primo Brands presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

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.