Royal Bank of Canada Reiterates “Outperform” Rating for Primo Water (NYSE:PRMW)

Royal Bank of Canada reissued their outperform rating on shares of Primo Water (NYSE:PRMW) in a report released on Tuesday morning, Benzinga reports. They currently have a $30.00 price objective on the stock.

Several other research firms have also commented on PRMW. StockNews.com raised Primo Water from a hold rating to a buy rating in a research report on Monday, September 30th. JPMorgan Chase & Co. raised their price target on shares of Primo Water from $24.00 to $26.00 and gave the stock an overweight rating in a report on Tuesday, June 18th. CIBC upped their price target 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, TD Securities raised their price objective on shares of Primo Water from $30.00 to $32.00 and gave the stock a buy rating in a research note on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $25.83.

Primo Water Trading Up 0.9 %

Shares of NYSE PRMW opened at $25.19 on Tuesday. Primo Water has a 1-year low of $12.92 and a 1-year high of $25.67. The stock has a market capitalization of $4.05 billion, a P/E ratio of 15.65, a PEG ratio of 1.87 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The business’s 50 day moving average is $22.99 and its two-hundred day moving average is $21.31.

Primo Water (NYSE:PRMW) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.22 EPS. As a group, research analysts expect that Primo Water will post 0.88 EPS for the current year.

Primo Water Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.09 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.43%. Primo Water’s dividend payout ratio (DPR) is 22.36%.

Hedge Funds Weigh In On Primo Water

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Tocqueville Asset Management L.P. grew its holdings in Primo Water by 108.7% in the 1st quarter. Tocqueville Asset Management L.P. now owns 96,000 shares of the company’s stock valued at $1,748,000 after buying an additional 50,000 shares in the last quarter. Jane Street Group LLC lifted its stake in Primo Water by 170.4% during the 1st quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock worth $11,287,000 after acquiring an additional 390,611 shares in the last quarter. Strategic Wealth Partners Ltd. acquired a new position in Primo Water in the 1st quarter valued at about $879,000. Goldman Sachs Group Inc. increased its stake in Primo Water by 32.2% during the fourth 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. Finally, Tidal Investments LLC lifted its position in shares of Primo Water by 471.2% during the first quarter. Tidal Investments LLC now owns 66,149 shares of the company’s stock worth $1,205,000 after purchasing an additional 54,569 shares in the last quarter. Hedge funds and other 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.