Primo Water (NYSE:PRMW) Stock Rating Lowered by Raymond James

by · The Cerbat Gem

Raymond James lowered shares of Primo Water (NYSE:PRMW – Free Report) from an outperform rating to a market perform rating in a report published on Wednesday, Marketbeat Ratings reports.

A number of other equities research analysts have also commented on PRMW. CIBC raised their price objective on shares of Primo Water from $24.00 to $26.00 and gave the stock an outperformer rating in a report on Tuesday, June 18th. JPMorgan Chase & Co. lifted 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. Royal Bank of Canada reaffirmed an outperform rating and set a $30.00 price objective on shares of Primo Water in a research report on Tuesday, October 1st. StockNews.com upgraded Primo Water from a hold rating to a buy rating in a research note on Monday, September 30th. Finally, TD Securities raised their target price on shares of Primo Water from $30.00 to $32.00 and gave the company a buy rating in a research report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $25.83.

Check Out Our Latest Research Report on Primo Water

Primo Water Stock Up 0.9 %

Shares of NYSE:PRMW opened at $25.19 on Wednesday. The company has a 50 day moving average price of $23.07 and a two-hundred day moving average price of $21.36. The company has a market capitalization of $4.05 billion, a PE ratio of 15.65, a PEG ratio of 1.87 and a beta of 1.11. Primo Water has a 52 week low of $12.92 and a 52 week high of $25.67. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Water (NYSE:PRMW – Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $477.40 million. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. Primo Water’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.22 EPS. Analysts forecast that Primo Water will post 0.88 earnings per share for the current year.

Primo Water Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.09 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.36 annualized dividend and a yield of 1.43%. Primo Water’s dividend payout ratio is 22.36%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PRMW. Dimensional Fund Advisors LP boosted its holdings in shares of Primo Water by 12.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,292,891 shares of the company’s stock worth $19,459,000 after acquiring an additional 146,528 shares during the period. CIBC Asset Management Inc boosted its holdings in Primo Water by 2.9% in the 4th quarter. CIBC Asset Management Inc now owns 157,462 shares of the company’s stock valued at $2,380,000 after purchasing an additional 4,411 shares during the period. Gabelli Funds LLC grew its position in Primo Water by 7.7% during the fourth quarter. Gabelli Funds LLC now owns 140,000 shares of the company’s stock worth $2,107,000 after buying an additional 10,000 shares in the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Primo Water during the 4th quarter valued at $310,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Primo Water by 32.2% during 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 in the last quarter. 87.71% of the stock is currently owned by institutional investors.

About Primo Water

(Get Free Report)

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.

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