Primo Brands (NYSE:PRMB) to Repurchase $50.00 million in Shares

Primo Brands (NYSE:PRMB) declared that its board has initiated a share repurchase plan on Monday, November 10th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PRMB shares. Bank of America decreased their price target on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 8th. Weiss Ratings downgraded shares of Primo Brands from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Barclays dropped their price target on shares of Primo Brands from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. lowered their target price on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Finally, Morgan Stanley dropped their target price on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Primo Brands Price Performance

NYSE:PRMB opened at $15.57 on Tuesday. The stock has a 50 day moving average of $22.25 and a two-hundred day moving average of $26.80. Primo Brands has a 12 month low of $14.36 and a 12 month high of $35.85. The firm has a market cap of $5.82 billion, a P/E ratio of -141.55, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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% compared to the same quarter last year. On average, analysts expect that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

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 2.6%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio is -129.03%.

Insider Activity

In other Primo Brands news, CEO Robbert Rietbroek acquired 8,285 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the acquisition, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael John Cramer bought 4,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. This represents a 45.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 58.40% of the company’s stock.

Primo Brands Company Profile

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.