Montag & Caldwell LLC Decreases Holdings in Primo Water Co. (NYSE:PRMW)

Montag & Caldwell LLC lowered its stake in Primo Water Co. (NYSE:PRMW) by 13.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,708 shares of the company’s stock after selling 9,692 shares during the period. Montag & Caldwell LLC’s holdings in Primo Water were worth $1,415,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Tocqueville Asset Management L.P. raised its holdings in Primo Water by 108.7% during the 1st quarter. Tocqueville Asset Management L.P. now owns 96,000 shares of the company’s stock valued at $1,748,000 after buying an additional 50,000 shares during the period. Jane Street Group LLC lifted its stake in Primo Water by 170.4% in the first quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock worth $11,287,000 after purchasing an additional 390,611 shares during the last quarter. Strategic Wealth Partners Ltd. purchased a new position in shares of Primo Water during the first quarter valued at approximately $879,000. Goldman Sachs Group Inc. grew its stake in shares of Primo Water by 32.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after buying an additional 937,235 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. purchased a new stake in shares of Primo Water in the fourth quarter worth approximately $1,684,000. 87.71% of the stock is owned by institutional investors.

Primo Water Price Performance

NYSE PRMW opened at $23.99 on Monday. The company has a market cap of $3.86 billion, a PE ratio of 14.90, a P/E/G ratio of 1.73 and a beta of 1.10. Primo Water Co. has a 52-week low of $12.92 and a 52-week high of $25.60. 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 firm’s 50 day moving average price is $21.84 and its 200-day moving average price is $20.55.

Primo Water (NYSE:PRMW) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The business had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. During the same period last year, the business posted $0.22 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. Sell-side analysts forecast that Primo Water Co. will post 0.87 EPS for the current fiscal year.

Primo Water Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Thursday, August 22nd. Primo Water’s dividend payout ratio is currently 22.36%.

Analysts Set New Price Targets

PRMW has been the topic of several research analyst reports. CIBC upped their price objective on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Primo Water in a research note on Tuesday, June 18th. StockNews.com raised shares of Primo Water from a “hold” rating to a “buy” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. raised their target price on shares of Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Finally, TD Securities boosted their price target on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.83.

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.