Primo Water (NYSE:PRMW) Upgraded at StockNews.com

StockNews.com upgraded shares of Primo Water (NYSE:PRMW) from a hold rating to a buy rating in a report issued on Monday morning.

A number of other analysts also recently issued reports on PRMW. 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 report on Tuesday, June 18th. Royal Bank of Canada reaffirmed an outperform rating and set a $30.00 price target on shares of Primo Water in a research report on Tuesday, June 18th. JPMorgan Chase & Co. increased their price objective on Primo Water from $24.00 to $26.00 and gave the company an overweight rating in a report on Tuesday, June 18th. Finally, CIBC raised their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an outperformer rating in a research note on Tuesday, June 18th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Primo Water currently has a consensus rating of Moderate Buy and an average price target of $25.83.

Primo Water Stock Down 0.7 %

PRMW stock opened at $24.76 on Monday. The business has a 50-day moving average of $22.92 and a 200-day moving average of $21.29. Primo Water has a fifty-two week low of $12.92 and a fifty-two week high of $25.67. The stock has a market capitalization of $3.98 billion, a P/E ratio of 15.38, a P/E/G ratio of 1.87 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

Primo Water (NYSE:PRMW) last posted its quarterly earnings data 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 company had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. During the same period last year, the company earned $0.22 earnings per share. The firm’s revenue was up 7.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Primo Water will post 0.88 earnings per share for the current fiscal year.

Primo Water Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.09 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 dividend on an annualized basis and a yield of 1.45%. Primo Water’s dividend payout ratio is currently 22.36%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRMW. Vanguard Group Inc. increased its stake in shares of Primo Water by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock valued at $183,003,000 after buying an additional 248,774 shares during the period. Goldman Sachs Group Inc. increased its position 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 valued at $57,945,000 after acquiring an additional 937,235 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Primo Water by 2.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,794,748 shares of the company’s stock valued at $82,953,000 after acquiring an additional 91,363 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Primo Water by 13.0% during the fourth quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock worth $40,844,000 after purchasing an additional 312,815 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of Primo Water by 3.2% during the second quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock worth $34,868,000 after purchasing an additional 49,500 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

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.