Primo Water (NYSE:PRMW) Sets New 1-Year High Following Dividend Announcement

Primo Water Co. (NYSE:PRMW)’s stock price reached a new 52-week high during mid-day trading on Tuesday following a dividend announcement from the company. The stock traded as high as $26.60 and last traded at $26.60, with a volume of 996 shares traded. The stock had previously closed at $26.26.

The newly announced dividend which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be given a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a yield of 1.3%. Primo Water’s dividend payout ratio is presently 22.36%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRMW. Royal Bank of Canada restated an “outperform” rating and set a $30.00 price objective on shares of Primo Water in a research report on Tuesday, October 1st. Raymond James downgraded Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com downgraded Primo Water from a “buy” rating to a “hold” rating in a research report on Sunday. 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 has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Up 1.2 %

The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock has a 50 day simple moving average of $23.72 and a 200 day simple moving average of $21.82. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.89 and a beta of 1.11.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data 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 firm had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same quarter last year, the firm posted $0.22 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, analysts expect that Primo Water Co. will post 0.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PRMW. Goldman Sachs Group Inc. boosted its position in shares of Primo Water by 32.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after buying an additional 937,235 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Primo Water by 13.0% during the fourth 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 period. Vanguard Group Inc. lifted its holdings in Primo Water by 2.1% during the fourth 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 period. CWM LLC lifted its holdings in Primo Water by 36.0% during the first quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after acquiring an additional 631 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Primo Water by 2.8% during the first 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 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.