The Manufacturers Life Insurance Company Grows Stake in Primo Water Co. (NYSE:PRMW)

The Manufacturers Life Insurance Company boosted its stake in Primo Water Co. (NYSE:PRMW) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,637 shares of the company’s stock after buying an additional 4,008 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.12% of Primo Water worth $4,141,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. CWM LLC lifted its position in shares of Primo Water by 36.0% in the first 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 lifted its holdings 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 purchasing an additional 705 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Primo Water by 3.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,744 shares of the company’s stock worth $781,000 after purchasing an additional 1,307 shares during the last quarter. Cedar Wealth Management LLC purchased a new stake in shares of Primo Water during the first quarter worth $27,000. Finally, Fulton Bank N.A. raised its position in shares of Primo Water by 9.0% in the second quarter. Fulton Bank N.A. now owns 19,424 shares of the company’s stock valued at $425,000 after buying an additional 1,609 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PRMW. Raymond James cut shares of Primo Water from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. CIBC increased their price target on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a report on Tuesday, June 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $30.00 price objective on shares of Primo Water in a research report on Tuesday, October 1st. TD Securities raised their target price on Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, StockNews.com cut shares of Primo Water from a “buy” rating to a “hold” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Performance

NYSE PRMW opened at $25.22 on Tuesday. The stock has a fifty day simple moving average of $23.07 and a 200-day simple moving average of $21.41. 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 stock has a market cap of $4.06 billion, a PE ratio of 15.66, a P/E/G ratio of 1.87 and a beta of 1.11. Primo Water Co. has a twelve month low of $12.92 and a twelve month high of $25.67.

Primo Water (NYSE:PRMW) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $485.00 million during the quarter, compared to analyst estimates of $477.40 million. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the business posted $0.22 earnings per share. Equities analysts anticipate 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. This represents a $0.36 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend 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.