Point72 Asset Management L.P. Sells 59,900 Shares of Primo Water Co. (NYSE:PRMW)

Point72 Asset Management L.P. cut its holdings in shares of Primo Water Co. (NYSE:PRMW) by 36.6% during the second quarter, Holdings Channel.com reports. The firm owned 103,900 shares of the company’s stock after selling 59,900 shares during the period. Point72 Asset Management L.P.’s holdings in Primo Water were worth $2,271,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PRMW. CWM LLC boosted its position in Primo Water by 36.0% during the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock valued at $43,000 after acquiring an additional 631 shares in the last quarter. Tobam grew its stake in Primo Water by 4.4% in the first quarter. Tobam now owns 16,780 shares of the company’s stock valued at $306,000 after purchasing an additional 705 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Primo Water by 3.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,744 shares of the company’s stock valued at $781,000 after purchasing an additional 1,307 shares during the last quarter. Creative Planning raised its holdings in Primo Water by 8.8% in the second quarter. Creative Planning now owns 17,301 shares of the company’s stock worth $378,000 after purchasing an additional 1,402 shares in the last quarter. Finally, Cedar Wealth Management LLC purchased a new stake in shares of Primo Water during the first quarter valued at about $27,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Raymond James downgraded shares of Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Primo Water in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. CIBC boosted their target price on Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a research note on Tuesday, June 18th. Finally, TD Securities increased their price target on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $25.83.

Primo Water Stock Performance

Shares of PRMW stock opened at $24.98 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The business has a fifty day moving average of $22.99 and a 200 day moving average of $21.31. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 1.87 and a beta of 1.10. Primo Water Co. has a 1 year low of $12.92 and a 1 year high of $25.67.

Primo Water (NYSE:PRMW) last released its earnings results on Thursday, August 8th. The company reported $0.26 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 during the quarter, compared to the consensus estimate of $477.40 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. The company’s revenue was up 7.7% compared to the same quarter last year. As a group, research analysts expect that Primo Water Co. will post 0.88 earnings per share 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 paid a $0.09 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.44%. Primo Water’s payout ratio is currently 22.36%.

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.