Primo Brands (NYSE:PRMB) CEO Eric Foss Buys 84,000 Shares of Stock

Key Points

• CEO Eric Foss purchased 84,000 Primo Brands shares at an average price of $23.80, investing nearly $2 million and increasing his direct ownership by 17.15% to 573,806 shares.
• Primo Brands recently exceeded quarterly expectations, reporting $0.37 in earnings per share versus the $0.32 consensus estimate and $1.80 billion in revenue, up 3.8% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $28.25, while the company declared a quarterly dividend of $0.12 per share.

Primo Brands Corporation (NYSE:PRMB - Get Free Report) CEO Eric Foss bought 84,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $23.80 per share, for a total transaction of $1,999,200.00. Following the completion of the purchase, the chief executive officer directly owned 573,806 shares of the company's stock, valued at $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Primo Brands Trading Up 1.4%

NYSE:PRMB traded up $0.32 during mid-day trading on Wednesday, reaching $23.93. 3,629,187 shares of the company's stock traded hands, compared to its average volume of 4,665,762. The company has a 50 day moving average price of $23.92 and a 200-day moving average price of $21.72. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 92.04, a PEG ratio of 1.64 and a beta of 0.74. 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 Corporation has a 12-month low of $14.36 and a 12-month high of $26.21.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. The business had revenue of $1.80 billion during the quarter, compared to analysts' expectations of $1.77 billion. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.The business's revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. On average, sell-side analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. Primo Brands's dividend payout ratio (DPR) is presently 184.62%.

Institutional Investors Weigh In On Primo Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. One Rock Capital Partners LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at $1,900,047,000. Viking Global Investors LP grew its position 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 worth $580,615,000 after buying an additional 14,578,589 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in shares of Primo Brands by 189.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company's stock worth $236,333,000 after acquiring an additional 9,461,990 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company's stock worth $173,784,000 after acquiring an additional 5,640,287 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its position in Primo Brands by 622.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company's stock valued at $101,690,000 after acquiring an additional 5,358,687 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on PRMB. TD Cowen reissued a "buy" rating on shares of Primo Brands in a research report on Thursday, August 6th. Wall Street Zen raised shares of Primo Brands from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. lifted their target price on shares of Primo Brands from $26.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Barclays boosted their price target on shares of Primo Brands from $27.00 to $29.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Primo Brands in a research note on Friday. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $28.25.

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.

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