Millennium Management LLC Has $16.17 Million Stake in Primo Water Co. (NYSE:PRMW)

Millennium Management LLC decreased its holdings in Primo Water Co. (NYSE:PRMW) by 1.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 739,612 shares of the company’s stock after selling 11,665 shares during the quarter. Millennium Management LLC owned approximately 0.46% of Primo Water worth $16,167,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Cedar Wealth Management LLC bought a new position in shares of Primo Water in the first quarter valued at about $27,000. CWM LLC raised its stake 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 acquiring an additional 631 shares during the last quarter. Crewe Advisors LLC bought a new position in shares of Primo Water in the first quarter worth about $66,000. Clearstead Trust LLC acquired a new position in shares of Primo Water during the second quarter worth approximately $109,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Primo Water during the second quarter valued at approximately $151,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on PRMW. JPMorgan Chase & Co. boosted their price objective on shares of Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Raymond James downgraded Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday. TD Securities raised their price target on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. CIBC boosted their price objective on Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a report on Tuesday, June 18th. Finally, StockNews.com raised shares of Primo Water from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company 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 $25.19 on Friday. The stock has a market cap of $4.05 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. The stock has a 50-day moving average of $23.07 and a 200-day moving average of $21.36. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Water Co. has a one year low of $12.92 and a one year high of $25.67.

Primo Water (NYSE:PRMW) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share 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 company had revenue of $485.00 million for the quarter, compared to analysts’ expectations of $477.40 million. During the same period last year, the firm posted $0.22 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, sell-side analysts expect that Primo Water Co. will post 0.88 earnings per share for the current year.

Primo Water Announces Dividend

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

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.