Wedge Capital Management L L P NC Sells 47,812 Shares of Primo Water Co. (NYSE:PRMW)

Wedge Capital Management L L P NC lowered its position in Primo Water Co. (NYSE:PRMW) by 21.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 179,035 shares of the company’s stock after selling 47,812 shares during the period. Wedge Capital Management L L P NC’s holdings in Primo Water were worth $4,521,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Procyon Advisors LLC bought a new stake in Primo Water during the 3rd quarter worth about $451,000. Oliver Luxxe Assets LLC acquired a new position in shares of Primo Water during the third quarter worth approximately $1,738,000. Sound Income Strategies LLC bought a new stake in shares of Primo Water during the third quarter valued at approximately $48,000. Ritholtz Wealth Management increased its holdings in shares of Primo Water by 13.0% in the third quarter. Ritholtz Wealth Management now owns 25,880 shares of the company’s stock valued at $653,000 after purchasing an additional 2,979 shares in the last quarter. Finally, CWM LLC raised its position in Primo Water by 31.5% in the 3rd quarter. CWM LLC now owns 3,310 shares of the company’s stock worth $84,000 after purchasing an additional 792 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRMW. TD Securities increased their price objective on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a research report on Tuesday, October 1st. CIBC upped their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. StockNews.com cut shares of Primo Water from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Raymond James cut shares of Primo Water from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Up 1.4 %

Shares of NYSE:PRMW opened at $26.62 on Wednesday. The company has a 50 day moving average price of $23.62 and a two-hundred day moving average price of $21.78. The company has a market capitalization of $4.28 billion, a PE ratio of 16.53, a PEG ratio of 1.89 and a beta of 1.11. Primo Water Co. has a 52 week low of $12.92 and a 52 week high of $26.86. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Water (NYSE:PRMW) last issued its quarterly earnings data 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 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 quarter last year, the business posted $0.22 EPS. The firm’s revenue was up 7.7% compared to the same quarter last year. Analysts forecast that Primo Water Co. will post 0.88 earnings per share for the current year.

Primo Water Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors 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 dividend on an annualized basis and a yield of 1.35%. 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.