Primo Brands (NYSE:PRMB) Shares Acquired Sen. Markwayne Mullin

Senator Markwayne Mullin (R-Oklahoma) recently bought shares of Primo Brands Co. (NYSE:PRMB). In a filing disclosed on January 31st, the Senator disclosed that they had bought between $15,001 and $50,000 in Primo Brands stock on January 2nd.

Senator Markwayne Mullin also recently made the following trade(s):

• Sold $15,001 – $50,000 in shares of iShares Core MSCI EAFE ETF (BATS:IEFA) on 1/8/2025.
• Sold $15,001 – $50,000 in shares of iShares MSCI Eurozone ETF (BATS:EZU) on 1/8/2025.
• Sold $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 1/8/2025.
• Purchased $15,001 – $50,000 in shares of The Goldman Sachs Group (NYSE:GS) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Iron Mountain (NYSE:IRM) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Coherent (NYSE:COHR) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Credo Technology Group (NASDAQ:CRDO) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Westinghouse Air Brake Technologies (NYSE:WAB) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Dell Technologies (NYSE:DELL) on 1/2/2025.
• Purchased $15,001 – $50,000 in shares of Applied Industrial Technologies (NYSE:AIT) on 1/2/2025.

Primo Brands Stock Down 2.1 %

Shares of PRMB opened at $32.51 on Friday. The company has a 50 day moving average price of $31.05. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a twelve month low of $14.10 and a twelve month high of $33.65. The firm has a market capitalization of $12.33 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 0.80 and a beta of 1.09.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a dividend of $0.09 per share. The ex-dividend date was Friday, November 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.11%. Primo Brands’s dividend payout ratio (DPR) is presently 27.95%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. TD Securities raised their price target on shares of Primo Brands from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Royal Bank of Canada boosted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. BMO Capital Markets initiated coverage on Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Primo Brands in a research report on Monday, November 18th. They issued a “buy” rating and a $33.00 price objective on the stock.

Institutional Investors Weigh In On Primo Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRMB. Allspring Global Investments Holdings LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $111,169,000. KBC Group NV purchased a new position in Primo Brands during the fourth quarter worth approximately $49,585,000. New York State Common Retirement Fund acquired a new position in Primo Brands during the fourth quarter worth $26,385,000. Pinnbrook Capital Management LP acquired a new position in Primo Brands during the fourth quarter worth $8,901,000. Finally, Rhumbline Advisers purchased a new stake in Primo Brands in the 4th quarter valued at $7,962,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

About Senator Mullin

Markwayne Mullin (Republican Party) is a member of the U.S. Senate from Oklahoma. He assumed office on January 11, 2023. His current term ends on January 3, 2027. Mullin (Republican Party) ran in a special election to the U.S. Senate to represent Oklahoma. He won in the special general election on November 8, 2022. Mullin is a member of the Cherokee Nation and one of four Native American members of the 116th Congress. At the age of 20, Mullin took over his father’s plumbing business. He is also a former professional mixed martial artist. Markwayne Mullin graduated from Stilwell High School. Mullin earned an associate degree in construction technology from Oklahoma State University Institute of Technology. His career experience includes owning and founding multiple businesses.

About Primo Brands

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.