Primo Brands (NYSE:PRMB) Posts Quarterly Earnings Results, Hits Expectations

Primo Brands (NYSE:PRMB) announced its quarterly earnings data on Thursday. The company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41, Briefing.com reports. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm’s revenue for the quarter was up 35.3% compared to the same quarter last year.

Primo Brands Stock Performance

Shares of NYSE PRMB traded down $3.26 during midday trading on Friday, reaching $14.45. 52,398,134 shares of the stock were exchanged, compared to its average volume of 5,322,170. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of -131.32, a PEG ratio of 0.61 and a beta of 0.72. The firm has a 50-day simple moving average of $22.44 and a two-hundred day simple moving average of $26.96. Primo Brands has a twelve month low of $14.36 and a twelve month high of $35.85.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.8%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio is currently -363.64%.

Insider Activity at Primo Brands

In other news, CEO Robbert Rietbroek purchased 8,285 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares of the company’s stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael John Cramer purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the transaction, the director owned 12,762 shares of the company’s stock, valued at $312,158.52. This trade represents a 45.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 24,685 shares of company stock worth $595,770 in the last three months. Company insiders own 58.40% of the company’s stock.

Hedge Funds Weigh In On Primo Brands

Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its holdings in Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after purchasing an additional 1,058 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Primo Brands in the first quarter valued at approximately $229,000. Main Street Financial Solutions LLC acquired a new position in shares of Primo Brands during the 2nd quarter worth approximately $257,000. Caxton Associates LLP purchased a new position in shares of Primo Brands during the 1st quarter valued at approximately $266,000. Finally, Voleon Capital Management LP acquired a new stake in Primo Brands in the 2nd quarter valued at $275,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRMB. The Goldman Sachs Group started coverage on Primo Brands in a research report on Thursday, September 11th. They set a “neutral” rating and a $25.00 price target for the company. Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. Jefferies Financial Group initiated coverage on Primo Brands in a research report on Friday, October 17th. They issued a “hold” rating and a $23.00 target price on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. Finally, Morgan Stanley decreased their price objective on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, August 11th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.83.

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.