Allspring Global Investments Holdings LLC Buys 100,702 Shares of Primo Water Co. (NYSE:PRMW)

Allspring Global Investments Holdings LLC increased its stake in Primo Water Co. (NYSE:PRMW) by 2.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,703,385 shares of the company’s stock after acquiring an additional 100,702 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Primo Water were worth $67,439,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Primo Water by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock valued at $183,003,000 after acquiring an additional 248,774 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Primo Water by 1.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 7,352,477 shares of the company’s stock valued at $101,464,000 after purchasing an additional 116,453 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Primo Water by 32.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after purchasing an additional 937,235 shares in the last quarter. Wellington Management Group LLP increased its stake in Primo Water by 13.0% during the 4th quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock valued at $40,844,000 after purchasing an additional 312,815 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Primo Water by 35.7% during the 4th quarter. Russell Investments Group Ltd. now owns 1,473,607 shares of the company’s stock valued at $22,180,000 after purchasing an additional 387,595 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRMW. TD Securities boosted their price target on shares of Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. StockNews.com upgraded shares of Primo Water from a “hold” rating to a “buy” rating in a research note on Friday, May 17th. JPMorgan Chase & Co. boosted their price target on shares of Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a research note on Friday, May 10th. Finally, CIBC lifted their price objective on shares of Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a report on Tuesday, June 18th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Performance

NYSE PRMW opened at $21.06 on Wednesday. Primo Water Co. has a 1 year low of $12.27 and a 1 year high of $25.60. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.13 and a quick ratio of 2.02. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.59 and a beta of 1.10. The company has a fifty day moving average price of $21.53 and a 200-day moving average price of $18.01.

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

Primo Water Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Friday, June 7th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.36 annualized dividend and a yield of 1.71%. Primo Water’s payout ratio is currently 22.36%.

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.