StockNews.com Upgrades Primo Water (NYSE:PRMW) to “Buy”

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

Several other brokerages also recently issued reports on PRMW. JPMorgan Chase & Co. increased their price objective on shares of Primo Water from $24.00 to $26.00 and gave the stock an overweight rating in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft increased their target price on Primo Water from $17.00 to $20.00 and gave the stock a hold rating in a report on Friday, May 10th. Royal Bank of Canada restated an outperform rating and issued a $30.00 price target on shares of Primo Water in a report on Tuesday, June 18th. CIBC increased their price objective on Primo Water from $24.00 to $26.00 and gave the stock an outperformer rating in a report on Tuesday, June 18th. Finally, TD Securities boosted their target price on Primo Water from $30.00 to $32.00 and gave the company a buy rating in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $25.83.

Primo Water Stock Up 0.5 %

NYSE:PRMW opened at $22.06 on Tuesday. Primo Water has a 1 year low of $12.92 and a 1 year high of $25.60. The stock has a 50-day moving average price of $21.53 and a two-hundred day moving average price of $19.87. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.62 and a beta of 1.10. The company has a current ratio of 2.13, a quick ratio of 2.02 and a debt-to-equity ratio of 0.87.

Primo Water (NYSE:PRMW) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Primo Water had a return on equity of 9.36% and a net margin of 12.22%. The business had revenue of $485.00 million for the quarter, compared to analysts’ expectations of $477.40 million. During the same quarter in the previous year, the business posted $0.22 EPS. Primo Water’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities analysts expect that Primo Water will post 0.88 earnings per share for the current year.

Primo Water Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Thursday, August 22nd. Primo Water’s dividend payout ratio is currently 22.36%.

Institutional Investors Weigh In On Primo Water

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Primo Water by 2.1% during 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 position in Primo Water by 32.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $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% in 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 during the period. Wellington Management Group LLP raised its stake in Primo Water by 13.0% in 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 during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Primo Water by 3.2% in the second quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock valued at $34,868,000 after buying an additional 49,500 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

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.