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 research report released on Tuesday, Benzinga reports. They currently have a $30.00 price objective on the stock.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. lifted their target price on Primo Water from $24.00 to $26.00 and gave the company an overweight rating in a report on Tuesday, June 18th. CIBC lifted their target price on Primo Water from $24.00 to $26.00 and gave the company an outperformer rating in a report on Tuesday, June 18th. StockNews.com raised Primo Water from a hold rating to a buy rating in a report on Monday. Finally, TD Securities boosted their price objective on Primo Water from $30.00 to $32.00 and gave the stock a buy rating in a report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $25.83.

Primo Water Trading Up 0.9 %

Shares of Primo Water stock opened at $24.98 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a market capitalization of $4.02 billion, a P/E ratio of 15.52, a P/E/G ratio of 1.87 and a beta of 1.10. Primo Water has a 52-week low of $12.92 and a 52-week high of $25.67. The stock’s 50-day simple moving average is $22.99 and its 200 day simple moving average is $21.31.

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

Primo Water Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s payout ratio is 22.36%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Tocqueville Asset Management L.P. boosted its stake in Primo Water by 108.7% in the first quarter. Tocqueville Asset Management L.P. now owns 96,000 shares of the company’s stock worth $1,748,000 after buying an additional 50,000 shares in the last quarter. Jane Street Group LLC boosted its stake in Primo Water by 170.4% in the first quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock worth $11,287,000 after buying an additional 390,611 shares in the last quarter. Strategic Wealth Partners Ltd. purchased a new stake in Primo Water in the first quarter worth approximately $879,000. Goldman Sachs Group Inc. boosted its stake in Primo Water by 32.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after buying an additional 937,235 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in Primo Water by 471.2% in the first quarter. Tidal Investments LLC now owns 66,149 shares of the company’s stock worth $1,205,000 after buying 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.