Primo Water (NYSE:PRMW) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Primo Water (NYSE:PRMW) from a hold rating to a buy rating in a research note released on Monday morning.

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

Primo Water Stock Performance

PRMW stock opened at $24.98 on Monday. The stock’s 50 day simple moving average is $22.99 and its 200 day simple moving average is $21.31. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Water has a 12-month low of $12.92 and a 12-month high of $25.67. The stock has a market capitalization of $4.02 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.87 and a beta of 1.10.

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 firm had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. During the same period in the prior year, the company posted $0.22 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, research analysts forecast that Primo Water will post 0.88 earnings per share for the current fiscal year.

Primo Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s dividend payout ratio is presently 22.36%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. CWM LLC lifted its stake in shares of Primo Water by 36.0% during the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock valued at $43,000 after buying an additional 631 shares in the last quarter. Tobam lifted 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 valued at $306,000 after acquiring an additional 705 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 period. Creative Planning grew its position in shares of Primo Water by 8.8% during the second quarter. Creative Planning now owns 17,301 shares of the company’s stock worth $378,000 after purchasing an additional 1,402 shares in the last quarter. Finally, Cedar Wealth Management LLC bought a new stake in Primo Water during the 1st quarter valued at approximately $27,000. Institutional investors own 87.71% of the company’s stock.

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.