Sen. Markwayne Mullin Purchases Shares of Primo Brands Co. (NYSE:PRMB)

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 Trading Down 2.1 %

Shares of NYSE PRMB opened at $32.51 on Monday. The business’s 50 day moving average price is $31.05. The company has a market capitalization of $12.33 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 0.80 and a beta of 1.09. Primo Brands Co. has a 1-year low of $14.10 and a 1-year high of $33.65. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands Announces Dividend

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

Hedge Funds Weigh In On Primo Brands

A number of hedge funds have recently bought and sold shares of PRMB. Rise Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at approximately $28,000. Blue Trust Inc. bought a new position in Primo Brands in the 4th quarter worth $33,000. R Squared Ltd bought a new stake in Primo Brands in the 4th quarter valued at $42,000. Nisa Investment Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at $176,000. Finally, Entropy Technologies LP purchased a new stake in Primo Brands during the 4th quarter valued at $236,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRMB. Royal Bank of Canada boosted their price target on Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target on the stock. TD Securities boosted their target price on shares of Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a report on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 price target on the 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.