Steven P. Stanbrook Acquires 12,400 Shares of Primo Brands (NYSE:PRMB) Stock

Key Points

• Primo Brands Corporation Director Steven P. Stanbrook purchased 12,400 shares for $24.04 each, increasing his holdings by 11.01% and bringing his total shares owned to 125,025.
• The company reported quarterly earnings of $0.36 EPS, missing estimates by $0.05, with revenues of $1.73 billion, lower than the expected $1.83 billion.
• Primo Brands recently declared a quarterly dividend of $0.10, yielding 1.6%, but its payout ratio is currently at -363.64%.

Primo Brands Corporation (NYSE:PRMB - Get Free Report) Director Steven P. Stanbrook purchased 12,400 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares of the company's stock, valued at $3,005,601. The trade was a 11.01% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Primo Brands Stock Performance

Shares of NYSE:PRMB traded down $0.2210 during mid-day trading on Tuesday, reaching $24.8190. The company had a trading volume of 4,077,125 shares, compared to its average volume of 6,923,452. 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 company's 50-day moving average price is $28.21 and its 200-day moving average price is $31.20. Primo Brands Corporation has a one year low of $21.54 and a one year high of $35.85. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 0.59 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (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 company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.83 billion. The business's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands's payout ratio is presently -363.64%.

Hedge Funds Weigh In On Primo Brands

Several hedge funds have recently bought and sold shares of PRMB. Vanguard Group Inc. boosted its stake in shares of Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after purchasing an additional 4,389,327 shares in the last quarter. Viking Global Investors LP boosted its holdings in shares of 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 buying an additional 14,578,589 shares in the last quarter. Boston Partners increased its position in shares of Primo Brands by 13.7% during the second quarter. Boston Partners now owns 8,089,479 shares of the company's stock worth $239,551,000 after purchasing an additional 971,939 shares in the last quarter. Eminence Capital LP lifted its holdings in shares of Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock valued at $249,107,000 after purchasing an additional 2,284,912 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company's stock valued at $173,784,000 after buying an additional 5,640,287 shares in the last quarter. Institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

PRMB has been the subject of a number of research reports. TD Securities decreased their price target on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Mizuho began coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective on the stock. Royal Bank Of Canada reduced their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Finally, Barclays reduced their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Primo Brands presently has an average rating of "Moderate Buy" and a consensus target price of $37.60.

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.