StockNews.com Initiates Coverage on Primo Water (NYSE:PRMW)

StockNews.com began coverage on shares of Primo Water (NYSE:PRMW) in a research report released on Tuesday morning. The firm issued a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the company. William Blair assumed coverage on Primo Water in a report on Thursday, October 24th. They set an “outperform” rating for the company. Royal Bank of Canada restated an “outperform” rating and set a $30.00 target price on shares of Primo Water in a report on Tuesday, October 1st. Finally, Raymond James cut Primo Water from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Trading Down 0.9 %

Shares of PRMW stock opened at $24.21 on Tuesday. The stock has a market capitalization of $3.88 billion, a PE ratio of 15.04, a P/E/G ratio of 1.78 and a beta of 1.10. Primo Water has a 1-year low of $14.06 and a 1-year high of $28.06. The business has a 50-day moving average of $25.46 and a 200 day moving average of $23.28. 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 Announces Dividend

The firm also recently disclosed a — dividend, which was paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th were issued a $0.82 dividend. This represents a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, November 5th. Primo Water’s dividend payout ratio (DPR) is currently 22.36%.

Institutional Investors Weigh In On Primo Water

Several institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC lifted its stake in shares of Primo Water by 18.9% in the 3rd quarter. FMR LLC now owns 17,432,920 shares of the company’s stock valued at $440,181,000 after purchasing an additional 2,765,388 shares during the period. Triasima Portfolio Management inc. purchased a new position in shares of Primo Water in the 2nd quarter valued at approximately $12,732,000. Cinctive Capital Management LP lifted its stake in shares of Primo Water by 219.1% in the 3rd quarter. Cinctive Capital Management LP now owns 714,389 shares of the company’s stock valued at $18,038,000 after purchasing an additional 490,486 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Primo Water by 559.2% in the 2nd quarter. Acadian Asset Management LLC now owns 547,250 shares of the company’s stock valued at $11,947,000 after purchasing an additional 464,232 shares during the period. Finally, Intact Investment Management Inc. lifted its stake in shares of Primo Water by 43.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,381,240 shares of the company’s stock valued at $34,849,000 after purchasing an additional 419,370 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Water Company 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.