Primo Water (NYSE:PRMW) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Primo Water (NYSE:PRMW) from a buy rating to a hold rating in a research note published on Monday.

A number of other research firms also recently weighed in on PRMW. TD Securities raised their price target on Primo Water from $30.00 to $32.00 and gave the company a buy rating in a research note on Tuesday, June 18th. Raymond James downgraded shares of Primo Water from an outperform rating to a market perform rating in a report on Wednesday, October 2nd. CIBC increased their price target on shares of Primo Water from $24.00 to $26.00 and gave the company an outperformer rating in a research note on Tuesday, June 18th. JPMorgan Chase & Co. boosted their price objective on shares of Primo Water from $24.00 to $26.00 and gave the stock an overweight rating in a research note on Tuesday, June 18th. Finally, Royal Bank of Canada reaffirmed an outperform rating and issued a $30.00 target price on shares of Primo Water in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $25.83.

Primo Water Stock Performance

Shares of Primo Water stock opened at $25.16 on Monday. 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 firm has a market cap of $4.05 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. The stock’s 50-day moving average is $23.35 and its 200-day moving average is $21.57. Primo Water has a one year low of $12.92 and a one year high of $26.07.

Primo Water (NYSE:PRMW) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The company had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same period last year, the business earned $0.22 EPS. The business’s quarterly revenue was up 7.7% on a year-over-year basis. Equities analysts predict that Primo Water will post 0.88 earnings per share for the current fiscal year.

Primo Water Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.43%. Primo Water’s dividend payout ratio (DPR) is currently 22.36%.

Hedge Funds Weigh In On Primo Water

A number of hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. lifted 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 purchasing an additional 937,235 shares during the period. Triasima Portfolio Management inc. acquired a new position in Primo Water in the 2nd quarter valued at approximately $12,732,000. Acadian Asset Management LLC lifted its holdings in Primo Water by 559.2% during the 2nd quarter. Acadian Asset Management LLC now owns 547,250 shares of the company’s stock worth $11,947,000 after buying an additional 464,232 shares during the period. Jane Street Group LLC grew its position in shares of Primo Water by 170.4% in the 1st quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock valued at $11,287,000 after buying an additional 390,611 shares during the last quarter. Finally, Intact Investment Management Inc. increased its stake in shares of Primo Water by 63.9% in the second quarter. Intact Investment Management Inc. now owns 961,870 shares of the company’s stock valued at $21,020,000 after buying an additional 374,870 shares during the period. 87.71% of the stock is 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.