The Manufacturers Life Insurance Company Reduces Stock Holdings in Primo Water Co. (NYSE:PRMW)

The Manufacturers Life Insurance Company reduced its position in Primo Water Co. (NYSE:PRMW) by 0.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 188,029 shares of the company’s stock after selling 1,608 shares during the period. The Manufacturers Life Insurance Company’s holdings in Primo Water were worth $4,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in PRMW. Triasima Portfolio Management inc. bought a new position in Primo Water in the 2nd quarter worth approximately $12,732,000. Acadian Asset Management LLC boosted 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 worth $11,947,000 after acquiring an additional 464,232 shares during the period. Intact Investment Management Inc. grew its position in shares of Primo Water by 43.6% in the third quarter. Intact Investment Management Inc. now owns 1,381,240 shares of the company’s stock valued at $34,849,000 after purchasing an additional 419,370 shares in the last quarter. Levin Capital Strategies L.P. raised its stake in shares of Primo Water by 164.8% during the 2nd quarter. Levin Capital Strategies L.P. now owns 537,804 shares of the company’s stock valued at $11,756,000 after purchasing an additional 334,685 shares during the period. Finally, TD Asset Management Inc raised its stake in shares of Primo Water by 27.3% during the 2nd quarter. TD Asset Management Inc now owns 1,401,438 shares of the company’s stock valued at $30,623,000 after purchasing an additional 300,929 shares during the period. 87.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on PRMW. Royal Bank of Canada reaffirmed an “outperform” rating and set a $30.00 target price on shares of Primo Water in a report on Tuesday, October 1st. Raymond James lowered shares of Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. StockNews.com began coverage on shares of Primo Water in a report on Monday, December 2nd. They set a “buy” rating on the stock. Finally, William Blair started coverage on shares of Primo Water in a report on Thursday, October 24th. They issued an “outperform” rating for the company. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Primo Water currently has an average rating of “Moderate Buy” and an average target price of $25.83.

Primo Water Stock Performance

Primo Water stock opened at $24.21 on Friday. Primo Water Co. has a fifty-two week low of $14.06 and a fifty-two week high of $28.06. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a market cap of $3.88 billion, a P/E ratio of 15.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.10. The firm’s fifty day moving average price is $25.39 and its 200-day moving average price is $23.36.

Primo Water Dividend Announcement

The company also recently disclosed a — dividend, which was paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th were issued a $0.82 dividend. This represents a dividend yield of 1.3%. The ex-dividend date was Tuesday, November 5th. 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.