Primo Water Co. (NYSE:PRMW) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Primo Water Co. (NYSE:PRMW) have been assigned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $25.83.

A number of equities research analysts have weighed in on PRMW shares. CIBC upped their price target on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a report on Tuesday, June 18th. StockNews.com raised shares of Primo Water from a “hold” rating to a “buy” rating in a research note on Tuesday, August 27th. TD Securities lifted their price target 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. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, May 10th. Finally, JPMorgan Chase & Co. boosted their target price on Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Primo Water by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock valued at $183,003,000 after purchasing an additional 248,774 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Primo Water by 32.2% during 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 in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Primo Water by 2.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,794,748 shares of the company’s stock worth $82,953,000 after acquiring an additional 91,363 shares during the last quarter. Wellington Management Group LLP raised 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 acquiring an additional 312,815 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Primo Water by 3.2% during the second quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock valued at $34,868,000 after purchasing an additional 49,500 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Water Price Performance

NYSE PRMW opened at $23.28 on Friday. Primo Water has a 12 month low of $12.92 and a 12 month high of $25.60. The firm has a market capitalization of $3.74 billion, a PE ratio of 14.46, a P/E/G ratio of 1.62 and a beta of 1.10. The company’s 50 day simple moving average is $21.59 and its 200 day simple moving average is $20.21. 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 issued its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The company had revenue of $485.00 million for the quarter, compared to analysts’ expectations of $477.40 million. During the same period last year, the firm earned $0.22 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities research analysts forecast that Primo Water will post 0.88 EPS 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 issued a $0.09 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.55%. Primo Water’s payout ratio is currently 22.36%.

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.