Primo Brands (NYSE:PRMB) Shares Down 11.4% – What’s Next?

Primo Brands Corporation (NYSE:PRMB)’s share price dropped 11.4% during trading on Friday . The company traded as low as $15.97 and last traded at $15.6810. Approximately 5,717,576 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 5,099,187 shares. The stock had previously closed at $17.70.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PRMB shares. TD Securities dropped their price objective on Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Royal Bank Of Canada set a $37.00 price objective on shares of Primo Brands and gave the stock an “outperform” rating in a research note on Tuesday. Bank of America cut their price objective on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Primo Brands in a report on Wednesday, October 8th. Finally, Mizuho cut their price objective on Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 28th. Nine investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.08.

Primo Brands Price Performance

The company’s fifty day moving average is $22.65 and its two-hundred day moving average is $27.13. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of -136.62, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. The firm’s quarterly revenue was up 35.3% on a year-over-year basis. Equities research analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s payout ratio is presently -363.64%.

Insider Buying and Selling at Primo Brands

In related news, CEO Robbert Rietbroek bought 8,285 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the transaction, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael John Cramer purchased 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the transaction, the director directly 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 purchased 24,685 shares of company stock valued at $595,770 in the last three months. Corporate insiders own 58.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Viking Global Investors LP increased its stake 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 purchasing an additional 14,578,589 shares during the last quarter. Boston Partners boosted its stake in Primo Brands by 9,613.2% in the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock valued at $252,552,000 after buying an additional 7,044,263 shares in the last quarter. Alliancebernstein L.P. raised its stake in Primo Brands by 2,486.6% during the second 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. Victory Capital Management Inc. bought a new position in shares of Primo Brands in the first quarter worth about $184,225,000. Finally, Vanguard Group Inc. boosted its stake in shares of Primo Brands by 28.7% in the 1st 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. 87.71% of the stock is owned by institutional investors.

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.