StockNews.com Initiates Coverage on Primo Water (NYSE:PRMW)

StockNews.com started coverage on shares of Primo Water (NYSE:PRMW) in a report published on Tuesday. The firm issued a buy rating on the stock.

Several other research analysts also recently commented on the stock. Raymond James downgraded shares of Primo Water from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Primo Water in a report on Tuesday, October 1st. Finally, William Blair initiated coverage on Primo Water in a research report on Thursday, October 24th. They issued an “outperform” rating for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Performance

Shares of PRMW opened at $24.21 on Tuesday. Primo Water has a 1 year low of $14.06 and a 1 year high of $28.06. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock’s fifty day moving average price is $25.46 and its two-hundred day moving average price is $23.28. The firm has a market cap of $3.88 billion, a PE ratio of 15.04, a PEG ratio of 1.78 and a beta of 1.10.

Primo Water Dividend Announcement

The firm also recently announced a — dividend, which was paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th were paid a $0.82 dividend. The ex-dividend date was Tuesday, November 5th. This represents a yield of 1.3%. Primo Water’s dividend payout ratio is currently 22.36%.

Hedge Funds Weigh In On Primo Water

Institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC increased its stake in Primo Water by 170.4% in the 1st 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 during the last quarter. Strategic Wealth Partners Ltd. bought a new position in Primo Water in the 1st quarter worth about $879,000. Intact Investment Management Inc. increased its stake in Primo Water by 43.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,381,240 shares of the company’s stock worth $34,849,000 after acquiring an additional 419,370 shares during the last quarter. Tidal Investments LLC increased its stake in Primo Water by 471.2% in the 1st quarter. Tidal Investments LLC now owns 66,149 shares of the company’s stock worth $1,205,000 after acquiring an additional 54,569 shares during the last quarter. Finally, Hiddenite Capital Partners LP increased its stake in Primo Water by 50.0% in the 3rd quarter. Hiddenite Capital Partners LP now owns 150,000 shares of the company’s stock worth $3,788,000 after acquiring an additional 50,000 shares during the last quarter. 87.71% of the stock is currently owned by 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.