Primo Water (NYSE:PRMW) Cut to Market Perform at Raymond James

Raymond James lowered shares of Primo Water (NYSE:PRMW) from an outperform rating to a market perform rating in a research note released on Wednesday morning, Marketbeat reports.

Several other equities research analysts also recently commented on the company. Royal Bank of Canada restated an outperform rating and set a $30.00 price objective on shares of Primo Water in a report on Tuesday. CIBC upped 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. StockNews.com upgraded shares of Primo Water from a hold rating to a buy rating in a report on Monday, September 30th. JPMorgan Chase & Co. upped 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. Finally, TD Securities raised their price target 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 investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $25.83.

Primo Water Stock Performance

NYSE:PRMW opened at $25.19 on Wednesday. The firm has a market capitalization of $4.05 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.87 and a beta of 1.10. Primo Water has a twelve month low of $12.92 and a twelve month high of $25.67. The company has a fifty day moving average of $22.99 and a 200-day moving average of $21.31. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm 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 quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 earnings per share. As a group, sell-side analysts anticipate that Primo Water will post 0.88 EPS for the current year.

Primo Water Announces Dividend

The company 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 (DPR) is 22.36%.

Institutional Trading of Primo Water

A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its position in shares of Primo Water by 12.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,292,891 shares of the company’s stock valued at $19,459,000 after purchasing an additional 146,528 shares during the last quarter. CIBC Asset Management Inc grew its position in Primo Water by 2.9% during the fourth quarter. CIBC Asset Management Inc now owns 157,462 shares of the company’s stock valued at $2,380,000 after buying an additional 4,411 shares during the period. Gabelli Funds LLC increased its holdings 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 during the last quarter. Neuberger Berman Group LLC bought a new stake in Primo Water in the fourth quarter worth about $310,000. Finally, Goldman Sachs Group Inc. boosted its stake in Primo Water by 32.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after acquiring an additional 937,235 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

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.