Ritholtz Wealth Management Purchases New Position in Primo Water Co. (NYSE:PRMW)

Ritholtz Wealth Management acquired a new position in shares of Primo Water Co. (NYSE:PRMW) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 22,901 shares of the company’s stock, valued at approximately $501,000.

Several other institutional investors have also modified their holdings of the stock. Cedar Wealth Management LLC acquired a new stake in Primo Water during the 1st quarter worth $27,000. CWM LLC lifted its holdings in shares of Primo Water by 36.0% in the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock valued at $43,000 after purchasing an additional 631 shares during the last quarter. Crewe Advisors LLC acquired a new stake in shares of Primo Water in the 1st quarter valued at about $66,000. Bayesian Capital Management LP purchased a new position in Primo Water during the 1st quarter worth approximately $235,000. Finally, Tobam increased its position in Primo Water by 4.4% during the first quarter. Tobam now owns 16,780 shares of the company’s stock worth $306,000 after buying an additional 705 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Water Stock Performance

Shares of PRMW stock opened at $21.87 on Thursday. 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 50 day simple moving average of $21.53 and a 200-day simple moving average of $20.13. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 1.62 and a beta of 1.10. Primo Water Co. has a 12-month low of $12.92 and a 12-month high of $25.60.

Primo Water (NYSE:PRMW) last released 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. The firm had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. Primo Water’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.22 earnings per share. On average, equities analysts forecast that Primo Water Co. will post 0.88 EPS for the current year.

Primo Water Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $0.36 annualized dividend and a yield of 1.65%. Primo Water’s payout ratio is currently 22.36%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PRMW shares. Royal Bank of Canada reissued an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a report on Tuesday, June 18th. CIBC lifted their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research note on Tuesday, June 18th. TD Securities upped their target price on shares of Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft raised their price target on Primo Water from $17.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, May 10th. Finally, JPMorgan Chase & Co. upped their price objective on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.83.

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.