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

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

Several other brokerages have also recently weighed in on PRMW. StockNews.com upgraded Primo Water from a hold rating to a buy rating in a research note on Monday. JPMorgan Chase & Co. raised their price objective on Primo Water from $24.00 to $26.00 and gave the company an overweight rating in a research note on Tuesday, June 18th. TD Securities raised their price objective on Primo Water from $30.00 to $32.00 and gave the company a buy rating in a research note on Tuesday, June 18th. Finally, CIBC raised their price objective on Primo Water from $24.00 to $26.00 and gave the company an outperformer 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 stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $25.83.

Primo Water Stock Performance

NYSE PRMW opened at $24.98 on Tuesday. The company has a fifty day simple moving average of $22.99 and a 200 day simple moving average of $21.31. Primo Water has a 12-month low of $12.92 and a 12-month high of $25.67. 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 company has a market cap of $4.02 billion, a P/E ratio of 15.52, a PEG ratio of 1.87 and a beta of 1.10.

Primo Water (NYSE:PRMW) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The business had revenue of $485.00 million for the quarter, compared to analysts’ expectations of $477.40 million. During the same period last year, the business earned $0.22 EPS. The business’s revenue was up 7.7% on a year-over-year basis. Sell-side analysts predict that Primo Water will post 0.88 earnings per share for the current fiscal year.

Primo Water Dividend Announcement

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

Institutional Investors Weigh In On Primo Water

A number of hedge funds have recently made changes to their positions in the business. CWM LLC raised its stake in shares of Primo Water by 36.0% during the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after purchasing an additional 631 shares during the period. Tobam raised its stake in Primo Water by 4.4% in the 1st quarter. Tobam now owns 16,780 shares of the company’s stock valued at $306,000 after acquiring an additional 705 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Primo Water by 3.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,744 shares of the company’s stock valued at $781,000 after acquiring an additional 1,307 shares during the period. Creative Planning raised its stake in Primo Water by 8.8% in the 2nd quarter. Creative Planning now owns 17,301 shares of the company’s stock valued at $378,000 after acquiring an additional 1,402 shares during the period. Finally, Cedar Wealth Management LLC bought a new stake in Primo Water in the 1st quarter valued at about $27,000. 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.