Key Points
- CEO Eric Foss bought 84,000 Primo Brands shares at an average price of $23.80, investing nearly $2 million and increasing his ownership by 17.15% to 573,806 shares.
- Primo Brands exceeded quarterly expectations, reporting $0.37 in EPS versus the $0.32 consensus and $1.80 billion in revenue, up 3.8% year over year.
- Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $28.25; the company also 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 company's stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the transaction, the chief executive officer owned 573,806 shares of the company's stock, valued at $13,656,582.80. The trade was a 17.15% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Primo Brands Stock Performance
Shares of NYSE PRMB opened at $23.93 on Thursday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The company has a market cap of $8.67 billion, a P/E ratio of 92.04, a P/E/G ratio of 1.65 and a beta of 0.74. The firm's fifty day moving average is $23.91 and its two-hundred day moving average is $21.75. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $26.21.
Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The business had revenue of $1.80 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the previous year, the company earned $0.36 EPS. The business's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, analysts anticipate that Primo Brands Corporation will post 1.25 EPS for the current fiscal year.
Primo Brands Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, August 24th. Primo Brands's payout ratio is currently 184.62%.
Institutional Investors Weigh In On Primo Brands
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caption Management LLC purchased a new position in shares of Primo Brands in the 3rd quarter worth approximately $27,000. Harbor Investment Advisory LLC bought a new stake in Primo Brands in the second quarter worth $37,000. LRI Investments LLC lifted its position in Primo Brands by 203.1% in the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company's stock worth $32,000 after buying an additional 1,306 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Primo Brands by 76.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company's stock worth $37,000 after buying an additional 853 shares during the period. Finally, Picton Mahoney Asset Management boosted its stake in Primo Brands by 65.2% during the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company's stock worth $35,000 after buying an additional 850 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms have weighed in on PRMB. Weiss Ratings restated a "hold (c)" rating on shares of Primo Brands in a report on Friday, August 7th. Wall Street Zen raised Primo Brands from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Royal Bank Of Canada increased their target price on Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. TD Cowen reissued a "buy" rating on shares of Primo Brands in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. upped their price target 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. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Primo Brands currently has an average rating of "Moderate Buy" and an average price target of $28.25.
View Our Latest Analysis on Primo Brands
About Primo Brands
(
Get Free Report)
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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