Primo Water (NYSE:PRMW) Downgraded by StockNews.com

StockNews.com lowered shares of Primo Water (NYSE:PRMW) from a buy rating to a hold rating in a report published on Tuesday morning.

A number of other analysts have also commented on PRMW. CIBC increased their price objective on Primo Water from $24.00 to $26.00 and gave the company an outperformer rating in a research note on Tuesday, June 18th. Royal Bank of Canada reissued an outperform rating and issued a $30.00 price objective on shares of Primo Water in a research report on Tuesday, June 18th. TD Securities raised their target price on shares of Primo Water from $30.00 to $32.00 and gave the stock a buy rating in a research report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Primo Water from $24.00 to $26.00 and gave the stock an overweight rating in a research note on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $25.83.

Primo Water Stock Performance

NYSE:PRMW opened at $24.98 on Tuesday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Water has a fifty-two week low of $12.92 and a fifty-two week high of $25.60. The firm’s fifty day simple moving average is $22.68 and its 200-day simple moving average is $21.10. The stock has a market cap of $4.02 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.87 and a beta of 1.10.

Primo Water (NYSE:PRMW) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 8.94% and a net margin of 12.61%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 EPS. Analysts expect that Primo Water will post 0.88 earnings per share for the current fiscal year.

Primo Water Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.09 per share. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.44%. Primo Water’s dividend payout ratio is presently 22.36%.

Hedge Funds Weigh In On Primo Water

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Primo Water by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock worth $183,003,000 after purchasing an additional 248,774 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Primo Water by 32.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after buying an additional 937,235 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in 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 buying an additional 91,363 shares in the last quarter. Wellington Management Group LLP raised its stake in Primo Water by 13.0% during the fourth quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock valued at $40,844,000 after buying an additional 312,815 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Primo Water by 3.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock worth $34,868,000 after buying an additional 49,500 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

About Primo Water

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.