Allspring Global Investments Holdings LLC Grows Stock Position in Primo Water Co. (NYSE:PRMW)

Allspring Global Investments Holdings LLC increased its holdings in shares of Primo Water Co. (NYSE:PRMW) by 2.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,794,748 shares of the company’s stock after purchasing an additional 91,363 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Primo Water were worth $82,953,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Primo Water by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock valued at $183,003,000 after buying an additional 248,774 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Primo Water by 32.2% in 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 during the period. Wellington Management Group LLP increased its position in shares of Primo Water by 13.0% during the 4th quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock valued at $40,844,000 after purchasing an additional 312,815 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Primo Water by 35.7% during the 4th quarter. Russell Investments Group Ltd. now owns 1,473,607 shares of the company’s stock valued at $22,180,000 after buying an additional 387,595 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in 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 buying an additional 146,528 shares during the period. Institutional investors own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Securities raised their price objective on Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft upped their price objective on Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a report on Friday, May 10th. JPMorgan Chase & Co. increased their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. CIBC lifted their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a report on Tuesday, June 18th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a research report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $25.83.

Primo Water Trading Up 0.6 %

Shares of Primo Water stock traded up $0.14 during mid-day trading on Tuesday, hitting $22.09. 15,746 shares of the stock were exchanged, compared to its average volume of 1,181,435. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of 13.63, a price-to-earnings-growth ratio of 1.62 and a beta of 1.10. Primo Water Co. has a twelve month low of $12.92 and a twelve month high of $25.60. The company has a current ratio of 2.13, a quick ratio of 2.02 and a debt-to-equity ratio of 0.87. The company has a 50-day simple moving average of $21.53 and a 200 day simple moving average of $19.82.

Primo Water (NYSE:PRMW) last released its earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Primo Water had a net margin of 12.22% and a return on equity of 9.36%. The firm had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same period in the previous year, the company earned $0.22 EPS. Primo Water’s revenue for the quarter was up 7.7% on a year-over-year basis. Research analysts forecast that Primo Water Co. will post 0.88 EPS for the current year.

Primo Water Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Thursday, August 22nd. Primo Water’s payout ratio is 22.36%.

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.