Primo Water (NYSE:PRMW) Rating Lowered to Market Perform at Raymond James

Raymond James cut shares of Primo Water (NYSE:PRMW) from an outperform rating to a market perform rating in a research report report published on Wednesday morning, Marketbeat reports.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an overweight rating in a research report on Tuesday, June 18th. Royal Bank of Canada reissued an outperform rating and issued a $30.00 target price on shares of Primo Water in a research note on Tuesday. TD Securities boosted their target price on Primo Water from $30.00 to $32.00 and gave the stock a buy rating in a report on Tuesday, June 18th. CIBC increased their price target on Primo Water from $24.00 to $26.00 and gave the company an outperformer rating in a report on Tuesday, June 18th. Finally, StockNews.com raised Primo Water from a hold rating to a buy rating in a research note on Monday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $25.83.

Primo Water Trading Down 0.7 %

PRMW stock opened at $24.76 on Wednesday. Primo Water has a 12-month low of $12.92 and a 12-month high of $25.67. The business’s 50-day moving average is $22.92 and its 200 day moving average is $21.29. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 15.38, 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 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 for the quarter, compared to analyst estimates of $477.40 million. During the same period in the previous year, the company posted $0.22 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. On average, sell-side analysts anticipate that Primo Water will post 0.88 EPS for the current fiscal year.

Primo Water Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s payout ratio is presently 22.36%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in shares of Primo Water by 12.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,292,891 shares of the company’s stock valued at $19,459,000 after purchasing an additional 146,528 shares during the last quarter. CIBC Asset Management Inc lifted its position in Primo Water by 2.9% in the fourth quarter. CIBC Asset Management Inc now owns 157,462 shares of the company’s stock valued at $2,380,000 after buying an additional 4,411 shares during the last quarter. Gabelli Funds LLC lifted its position in Primo Water by 7.7% in the fourth quarter. Gabelli Funds LLC now owns 140,000 shares of the company’s stock valued at $2,107,000 after buying an additional 10,000 shares during the last quarter. Neuberger Berman Group LLC purchased a new position in Primo Water during the fourth quarter worth about $310,000. Finally, Goldman Sachs Group Inc. increased 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 acquiring an additional 937,235 shares during the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

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.