CIBC Increases Primo Water (NYSE:PRMW) Price Target to $26.00

Primo Water (NYSE:PRMW) had its target price upped by research analysts at CIBC from $24.00 to $26.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “outperformer” rating on the stock. CIBC’s price target suggests a potential upside of 17.12% from the stock’s current price.

PRMW has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a report on Friday, May 10th. StockNews.com upgraded shares of Primo Water from a “hold” rating to a “buy” rating in a report on Friday, May 17th. JPMorgan Chase & Co. raised their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a report on Tuesday. Finally, Raymond James lowered shares of Primo Water from a “strong-buy” rating to an “outperform” rating and set a $21.00 price objective for the company. in a report on Wednesday, April 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $25.83.

Primo Water Stock Down 2.6 %

PRMW stock opened at $22.20 on Tuesday. The stock has a market capitalization of $3.55 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.66 and a beta of 1.09. The company has a current ratio of 2.13, a quick ratio of 2.02 and a debt-to-equity ratio of 0.87. Primo Water has a 12 month low of $12.27 and a 12 month high of $25.60. The firm has a 50-day moving average price of $20.75 and a 200-day moving average price of $17.53.

Primo Water (NYSE:PRMW) last posted its earnings results on Thursday, May 9th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The firm had revenue of $452.00 million during the quarter, compared to analysts’ expectations of $438.81 million. Primo Water had a net margin of 12.22% and a return on equity of 9.36%. As a group, equities research analysts anticipate that Primo Water will post 0.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRMW. Wellington Management Group LLP bought a new position in Primo Water during the 3rd quarter worth approximately $33,135,000. Norges Bank acquired a new stake in shares of Primo Water during the 4th quarter worth approximately $18,559,000. Goldman Sachs Group Inc. grew its position in shares of Primo Water by 32.2% during the 4th 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 during the period. Hillsdale Investment Management Inc. grew its position in shares of Primo Water by 165.7% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,223,570 shares of the company’s stock worth $18,440,000 after buying an additional 763,040 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Primo Water by 4.5% during the 3rd quarter. Vanguard Group Inc. now owns 11,910,887 shares of the company’s stock worth $164,370,000 after buying an additional 508,251 shares during the period. 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.