Primo Water’s (PRMW) Outperform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Primo Water (NYSE:PRMW) in a research report sent to investors on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $30.00 target price on the stock.

PRMW has been the subject of a number of other reports. CIBC lifted their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an outperformer rating in a research note on Tuesday, June 18th. TD Securities lifted their price target on Primo Water from $30.00 to $32.00 and gave the company a buy rating in a research report on Tuesday, June 18th. StockNews.com upgraded Primo Water from a hold rating to a buy rating in a research note on Monday. Finally, JPMorgan Chase & Co. raised their target price on Primo Water from $24.00 to $26.00 and gave the stock an overweight rating in a research note 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. According to MarketBeat.com, Primo Water has an average rating of Moderate Buy and an average target price of $25.83.

Primo Water Price Performance

PRMW opened at $24.94 on Tuesday. Primo Water has a fifty-two week low of $12.92 and a fifty-two week high of $25.67. The firm has a 50-day moving average of $22.85 and a 200 day moving average of $21.26. 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 firm has a market cap of $4.01 billion, a P/E ratio of 15.49, a PEG ratio of 1.87 and a beta of 1.10.

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

Primo Water Dividend Announcement

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

Hedge Funds Weigh In On Primo Water

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Primo Water by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock valued at $183,003,000 after buying an additional 248,774 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Primo Water by 32.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after acquiring an additional 937,235 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Primo Water by 2.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,794,748 shares of the company’s stock valued at $82,953,000 after purchasing an additional 91,363 shares during the period. Wellington Management Group LLP grew its holdings in Primo Water by 13.0% in the 4th 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 last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Primo Water by 3.2% in the second quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock worth $34,868,000 after purchasing an additional 49,500 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

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.