Primo Water (NYSE:PRMW) Reaches New 12-Month High – Still a Buy?

Primo Water Co. (NYSE:PRMW)’s share price reached a new 52-week high on Tuesday . The company traded as high as $26.60 and last traded at $26.60, with a volume of 996 shares trading hands. The stock had previously closed at $26.26.

Analysts Set New Price Targets

Several research analysts have commented on PRMW shares. Royal Bank of Canada restated an “outperform” rating and issued a $30.00 target price on shares of Primo Water in a research note on Tuesday, October 1st. TD Securities upped their price target on shares of Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Raymond James lowered Primo Water from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price on Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 18th. Finally, CIBC lifted their price target on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Trading Up 0.5 %

The firm has a market capitalization of $4.24 billion, a PE ratio of 16.31, a P/E/G ratio of 1.89 and a beta of 1.11. The firm has a 50 day simple moving average of $23.52 and a 200 day simple moving average of $21.72. 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 Water (NYSE:PRMW) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The firm had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. During the same quarter last year, the firm posted $0.22 EPS. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. Equities analysts expect that Primo Water Co. will post 0.88 earnings per share for the current fiscal year.

Primo Water Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s payout ratio is 22.36%.

Institutional Trading of Primo Water

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in Primo Water by 32.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after purchasing an additional 937,235 shares in the last quarter. Triasima Portfolio Management inc. bought a new position in Primo Water during the second quarter valued at $12,732,000. Acadian Asset Management LLC increased its holdings in shares of Primo Water by 559.2% in the 2nd quarter. Acadian Asset Management LLC now owns 547,250 shares of the company’s stock worth $11,947,000 after buying an additional 464,232 shares during the last quarter. Jane Street Group LLC grew its position in Primo Water by 170.4% in the first quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock worth $11,287,000 after acquiring an additional 390,611 shares in the last quarter. Finally, Intact Investment Management Inc. lifted its stake in shares of Primo Water by 63.9% in the 2nd quarter. Intact Investment Management Inc. now owns 961,870 shares of the company’s stock valued at $21,020,000 after purchasing an additional 374,870 shares during the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Water Company 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.