Tobam Sells 6,603 Shares of Primo Water Co. (NYSE:PRMW)

Tobam reduced its stake in Primo Water Co. (NYSE:PRMW) by 39.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,177 shares of the company’s stock after selling 6,603 shares during the quarter. Tobam’s holdings in Primo Water were worth $222,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRMW. Cedar Wealth Management LLC acquired a new position in Primo Water in the first quarter valued at about $27,000. Signaturefd LLC raised its stake in shares of Primo Water by 358.1% during the 4th quarter. Signaturefd LLC now owns 2,364 shares of the company’s stock worth $36,000 after buying an additional 1,848 shares during the last quarter. CWM LLC increased its position in Primo Water by 36.0% during the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after purchasing an additional 631 shares in the last quarter. Crewe Advisors LLC purchased a new stake in Primo Water in the 1st quarter valued at about $66,000. Finally, Bayesian Capital Management LP purchased a new stake in shares of Primo Water during the 1st quarter worth about $235,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PRMW. Royal Bank of Canada reaffirmed an “outperform” rating and set a $30.00 target price on shares of Primo Water in a report on Tuesday, June 18th. TD Securities lifted their target price on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. CIBC lifted their price objective on Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a research note on Tuesday, June 18th. JPMorgan Chase & Co. boosted their price target on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.83.

Primo Water Stock Down 0.4 %

Shares of NYSE PRMW traded down $0.09 on Friday, reaching $21.92. 196,854 shares of the company’s stock traded hands, compared to its average volume of 1,175,488. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 1.62 and a beta of 1.10. The company has a quick ratio of 2.02, a current ratio of 2.13 and a debt-to-equity ratio of 0.87. The business’s 50 day simple moving average is $21.53 and its two-hundred day simple moving average is $19.90. Primo Water Co. has a 12 month low of $12.92 and a 12 month high of $25.60.

Primo Water (NYSE:PRMW) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $485.00 million for the quarter, compared to analysts’ expectations of $477.40 million. Primo Water had a net margin of 12.22% and a return on equity of 9.36%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.22 EPS. As a group, equities research analysts forecast that Primo Water Co. will post 0.88 EPS for the current fiscal year.

Primo Water Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a $0.09 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.64%. Primo Water’s payout ratio is presently 22.36%.

Primo Water Profile

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.