Primo Water (NYSE:PRMW) Hits New 12-Month High – Should You Buy?

Primo Water Co. (NYSE:PRMW) hit a new 52-week high during trading on Wednesday . The stock traded as high as $25.84 and last traded at $25.77, with a volume of 257278 shares trading hands. The stock had previously closed at $25.43.

Wall Street Analysts Forecast Growth

PRMW has been the subject of several analyst reports. StockNews.com downgraded Primo Water from a “buy” rating to a “hold” rating in a report on Monday. TD Securities upped their target price on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $30.00 target price on shares of Primo Water in a report on Tuesday, October 1st. Raymond James downgraded Primo Water from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upped their target price on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Performance

The firm has a 50 day moving average of $23.22 and a 200-day moving average of $21.51. The stock has a market capitalization of $4.16 billion, a PE ratio of 15.57, a P/E/G ratio of 1.87 and a beta of 1.11. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $485.00 million during the quarter, compared to the consensus estimate of $477.40 million. During the same period in the prior year, the business earned $0.22 EPS. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. Research analysts forecast that Primo Water Co. will post 0.88 earnings per share for the current year.

Primo Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.39%. The ex-dividend date was Thursday, August 22nd. Primo Water’s payout ratio is currently 22.36%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Tocqueville Asset Management L.P. increased its position in Primo Water by 108.7% in the 1st quarter. Tocqueville Asset Management L.P. now owns 96,000 shares of the company’s stock worth $1,748,000 after purchasing an additional 50,000 shares during the last quarter. Jane Street Group LLC increased its position in Primo Water by 170.4% in the 1st quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock worth $11,287,000 after purchasing an additional 390,611 shares during the last quarter. Strategic Wealth Partners Ltd. acquired a new position in Primo Water in the 1st quarter worth about $879,000. Goldman Sachs Group Inc. increased its holdings in shares of Primo Water by 32.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after acquiring an additional 937,235 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Primo Water by 471.2% during the 1st quarter. Tidal Investments LLC now owns 66,149 shares of the company’s stock valued at $1,205,000 after acquiring an additional 54,569 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

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.