Primo Water (NYSE:PRMW) Hits New 1-Year High at $16.42

Primo Water Co. (NYSE:PRMWGet Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $16.42 and last traded at $16.35, with a volume of 57769 shares. The stock had previously closed at $16.28.

Wall Street Analyst Weigh In

PRMW has been the topic of a number of analyst reports. TD Securities lowered their price target on Primo Water from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, January 11th. JPMorgan Chase & Co. increased their price objective on Primo Water from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. CIBC raised Primo Water from a “neutral” rating to an “outperform” rating and increased their price target for the company from $17.50 to $20.00 in a research report on Friday, November 3rd. StockNews.com cut Primo Water from a “strong-buy” rating to a “buy” rating in a report on Sunday, February 18th. Finally, TheStreet raised Primo Water from a “c+” rating to a “b-” rating in a report on Monday, December 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Primo Water currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Get Our Latest Research Report on Primo Water

Primo Water Price Performance

The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 2.10 and a beta of 1.09. The company has a fifty day simple moving average of $14.97 and a 200 day simple moving average of $14.61. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.67 and a current ratio of 0.84.

Primo Water Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 25th. Investors of record on Friday, March 8th will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.23%. This is a positive change from Primo Water’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, March 7th. Primo Water’s payout ratio is presently 21.48%.

Institutional Trading of Primo Water

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Primo Water by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock worth $183,003,000 after purchasing an additional 248,774 shares in the last quarter. BlackRock Inc. increased its holdings in Primo Water by 24.7% during the 3rd quarter. BlackRock Inc. now owns 11,600,023 shares of the company’s stock worth $145,580,000 after purchasing an additional 2,296,515 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Primo Water by 9.8% in the first quarter. Goldman Sachs Group Inc. now owns 11,581,085 shares of the company’s stock valued at $165,030,000 after acquiring an additional 1,031,066 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Primo Water by 3.2% in the second quarter. JPMorgan Chase & Co. now owns 8,885,512 shares of the company’s stock valued at $111,424,000 after acquiring an additional 278,524 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Primo Water by 1.6% during the third quarter. Ameriprise Financial Inc. now owns 7,352,477 shares of the company’s stock worth $101,464,000 after acquiring an additional 116,453 shares in the last quarter. 83.87% of the stock is owned by institutional investors.

About Primo Water

(Get Free Report)

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 water, filtration equipment, and coffee. The company offers its products under the Primo, Alhambra, Crystal Rock, Mountain Valley, Deep Rock, Hinckley Springs, Crystal Springs, Kentwood Springs, Mount Olympus, Pureflo, Sierra Springs, Sparkletts, and Renü brands in the United States; Canadian Springs, Labrador Source, and Amazon Springs brands in Canada; and Decantae, Eden, Eden Springs, Chateaud'eau, and Mey Eden brands in Europe and Israel.

Further Reading

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