Oliver Luxxe Assets LLC Acquires New Stake in Primo Water Co. (NYSE:PRMW)

Oliver Luxxe Assets LLC acquired a new stake in Primo Water Co. (NYSE:PRMW) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 68,828 shares of the company’s stock, valued at approximately $1,738,000.

Several other hedge funds have also recently added to or reduced their stakes in PRMW. Goldman Sachs Group Inc. increased its stake 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 acquiring an additional 937,235 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Primo Water by 13.0% in the 4th quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock worth $40,844,000 after acquiring an additional 312,815 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Primo Water by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock worth $183,003,000 after acquiring an additional 248,774 shares during the last quarter. CWM LLC increased its stake in shares of Primo Water by 36.0% in the 1st 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. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Primo Water by 2.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,703,385 shares of the company’s stock worth $67,439,000 after acquiring an additional 100,702 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Water Stock Performance

Shares of Primo Water stock opened at $25.85 on Monday. The business has a 50-day moving average of $23.43 and a 200 day moving average of $21.67. Primo Water Co. has a 12 month low of $12.92 and a 12 month high of $26.07. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 16.06, a price-to-earnings-growth ratio of 1.89 and a beta of 1.11. 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 (NYSE:PRMW) last announced its earnings results on Thursday, August 8th. The company reported $0.26 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 company had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same period last year, the business posted $0.22 EPS. Primo Water’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, sell-side analysts forecast that Primo Water Co. will post 0.88 earnings per share for the current year.

Primo Water Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s payout ratio is presently 22.36%.

Wall Street Analysts Forecast Growth

PRMW has been the subject of a number of recent research reports. TD Securities raised their target price on Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Raymond James downgraded Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. CIBC raised their price objective on Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a research report on Tuesday, June 18th. StockNews.com downgraded Primo Water from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $30.00 price objective on shares of Primo Water in a research report on Tuesday, October 1st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Profile

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.