Primo Water (NYSE:PRMW) Earns Outperform Rating from Royal Bank of Canada

Primo Water (NYSE:PRMW)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $30.00 price objective on the stock. Royal Bank of Canada’s target price suggests a potential upside of 17.37% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. increased their price target on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. CIBC increased their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. TD Securities boosted 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, StockNews.com raised shares of Primo Water from a “hold” rating to a “buy” rating in a report on Monday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Up 1.2 %

Shares of NYSE:PRMW traded up $0.31 during trading on Tuesday, reaching $25.56. The stock had a trading volume of 178,991 shares, compared to its average volume of 1,203,048. The firm’s 50-day simple moving average is $22.77 and its 200 day simple moving average is $21.21. 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 has a one year low of $12.92 and a one year high of $25.67. The company has a market capitalization of $4.11 billion, a P/E ratio of 15.86, a PEG 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 (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $485.00 million for the quarter, compared to analyst estimates of $477.40 million. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.22 earnings per share. As a group, research analysts expect that Primo Water will post 0.88 EPS for the current fiscal year.

Institutional Trading of Primo Water

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cedar Wealth Management LLC acquired a new position in Primo Water during the first quarter valued at $27,000. CWM LLC lifted its holdings in shares of Primo Water by 36.0% in the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock valued at $43,000 after buying an additional 631 shares during the period. Crewe Advisors LLC acquired a new position in shares of Primo Water in the 1st quarter valued at about $66,000. Clearstead Trust LLC purchased a new stake in shares of Primo Water in the second quarter worth about $109,000. Finally, Daiwa Securities Group Inc. acquired a new stake in Primo Water during the second quarter worth about $151,000. Institutional investors and hedge funds 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.