MQS Management LLC Purchases Shares of 13,714 Primo Water Co. (NYSE:PRMW)

MQS Management LLC bought a new position in Primo Water Co. (NYSE:PRMW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 13,714 shares of the company’s stock, valued at approximately $300,000.

Other hedge funds have also modified their holdings of the company. Cedar Wealth Management LLC purchased a new position in Primo Water in the 1st quarter worth about $27,000. CWM LLC boosted its holdings in shares of Primo Water by 36.0% in the first quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after buying an additional 631 shares during the period. Crewe Advisors LLC purchased a new position in shares of Primo Water in the first quarter worth approximately $66,000. Clearstead Trust LLC acquired a new stake in shares of Primo Water during the second quarter valued at approximately $109,000. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Primo Water in the 2nd quarter valued at approximately $151,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Water Stock Performance

PRMW stock opened at $25.25 on Friday. The firm has a 50 day moving average of $22.24 and a two-hundred day moving average of $20.80. Primo Water Co. has a 12 month low of $12.92 and a 12 month high of $25.60. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 15.68, a P/E/G ratio of 1.73 and a beta of 1.10. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Water (NYSE:PRMW) last issued its quarterly earnings data 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 net margin of 12.61% and a return on equity of 8.94%. The firm had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same period in the prior year, the company posted $0.22 earnings per share. Primo Water’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities analysts anticipate that Primo Water Co. will post 0.87 EPS for the current fiscal year.

Primo Water Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.09 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 annualized dividend and a yield of 1.43%. Primo Water’s dividend payout ratio (DPR) is currently 22.36%.

Wall Street Analyst Weigh In

PRMW has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. CIBC upped their price target on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. Royal Bank of Canada restated an “outperform” rating and set a $30.00 price objective on shares of Primo Water in a research report on Tuesday, June 18th. StockNews.com downgraded Primo Water from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, TD Securities raised their price target on shares of Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a report 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water 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.