HBK Sorce Advisory LLC Takes Position in Primo Water Co. (NYSE:PRMW)

HBK Sorce Advisory LLC bought a new position in shares of Primo Water Co. (NYSE:PRMW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,914 shares of the company’s stock, valued at approximately $217,000.

A number of other large investors have also bought and sold shares of PRMW. Norges Bank acquired a new position in shares of Primo Water in the fourth quarter valued at approximately $18,559,000. Goldman Sachs Group Inc. boosted its stake 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 worth $57,945,000 after purchasing an additional 937,235 shares during the period. Hillsdale Investment Management Inc. increased its holdings in Primo Water by 165.7% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,223,570 shares of the company’s stock worth $18,440,000 after purchasing an additional 763,040 shares in the last quarter. Triasima Portfolio Management inc. acquired a new stake in shares of Primo Water in the 2nd quarter valued at about $12,732,000. Finally, Acadian Asset Management LLC lifted its holdings in shares of Primo Water by 559.2% in the second quarter. Acadian Asset Management LLC now owns 547,250 shares of the company’s stock valued at $11,947,000 after purchasing an additional 464,232 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Primo Water Stock Performance

NYSE PRMW opened at $23.99 on Monday. The firm’s fifty day moving average price is $21.84 and its two-hundred day moving average price is $20.55. Primo Water Co. has a 1 year low of $12.92 and a 1 year high of $25.60. The firm has a market capitalization of $3.86 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Water (NYSE:PRMW) last issued its 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. The business had revenue of $485.00 million during the quarter, compared to the consensus estimate of $477.40 million. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. Primo Water’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the business posted $0.22 EPS. As a group, research analysts anticipate that Primo Water Co. will post 0.87 EPS for the current year.

Primo Water Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s payout ratio is presently 22.36%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. StockNews.com raised Primo Water from a “hold” rating to a “buy” rating in a research report on Tuesday, August 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a report on Tuesday, June 18th. JPMorgan Chase & Co. increased their target price on shares of Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, June 18th. TD Securities lifted their price target on shares of Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Finally, CIBC increased their price objective on shares of Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.83.

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.