Primo Water (NYSE:PRMW) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Primo Water (NYSE:PRMW) from a buy rating to a hold rating in a report issued on Wednesday.

Other equities analysts also recently issued research reports about the stock. 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 research report on Tuesday, June 18th. TD Securities increased their price target on shares of Primo Water from $30.00 to $32.00 and gave the company a buy rating in a report on Tuesday, June 18th. Royal Bank of Canada reiterated an outperform rating and issued a $30.00 price target on shares of Primo Water in a report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. increased their price target on shares of Primo Water from $24.00 to $26.00 and gave the company an overweight rating in a report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $25.83.

Primo Water Stock Down 0.1 %

Shares of NYSE:PRMW opened at $25.28 on Wednesday. The stock has a market cap of $4.06 billion, a P/E ratio of 15.70, a P/E/G ratio of 1.73 and a beta of 1.10. The firm has a fifty day moving average price of $22.24 and a 200 day moving average price of $20.80. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Water has a 1-year low of $12.92 and a 1-year high of $25.60.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $485.00 million during the quarter, compared to the consensus estimate of $477.40 million. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. Primo Water’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.22 EPS. Sell-side analysts predict that Primo Water will post 0.87 EPS for the current year.

Primo Water Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders 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 annualized dividend and a dividend yield of 1.42%. Primo Water’s dividend payout ratio is currently 22.36%.

Institutional Investors Weigh In On Primo Water

Hedge funds have recently modified their holdings of the company. CWM LLC boosted its position in shares of Primo Water by 36.0% in the first quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after acquiring an additional 631 shares during the last quarter. Tobam boosted its position in shares of Primo Water by 4.4% in the first quarter. Tobam now owns 16,780 shares of the company’s stock worth $306,000 after acquiring an additional 705 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Primo Water by 3.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,744 shares of the company’s stock worth $781,000 after acquiring an additional 1,307 shares during the last quarter. Creative Planning boosted its position in shares of Primo Water by 8.8% in the second quarter. Creative Planning now owns 17,301 shares of the company’s stock worth $378,000 after acquiring an additional 1,402 shares during the last quarter. Finally, Cedar Wealth Management LLC acquired a new stake in shares of Primo Water in the first quarter worth approximately $27,000. 87.71% of the stock is owned by institutional investors and hedge funds.

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.