Primo Water (NYSE:PRMW) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Primo Water (NYSE:PRMW) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Primo Water Corporation provides home and office bottled water delivery and water filtration services. It offers water dispensers, purified bottled water and self-service refill drinking water principally in the U.S. and Canada. Primo Water Corporation, formerly known as Cott Corporation, is based in TAMPA, FL. “

PRMW has been the subject of a number of other research reports. Jefferies Financial Group reiterated a buy rating on shares of Primo Water in a research note on Friday, June 11th. Royal Bank of Canada increased their target price on Primo Water from $19.00 to $20.00 and gave the company an outperform rating in a research note on Friday, August 6th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $19.63.

Primo Water stock opened at $16.67 on Wednesday. The stock’s 50-day moving average is $17.03 and its 200-day moving average is $16.78. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -166.70 and a beta of 1.32. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.83 and a quick ratio of 0.69. Primo Water has a 12 month low of $12.39 and a 12 month high of $18.00.

Primo Water (NYSE:PRMW) last released its quarterly earnings data on Thursday, August 5th. The company reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. Primo Water had a positive return on equity of 6.28% and a negative net margin of 0.87%. Research analysts anticipate that Primo Water will post 0.76 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 2nd. Shareholders of record on Thursday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date was Wednesday, August 18th. This represents a $0.24 dividend on an annualized basis and a yield of 1.44%. Primo Water’s dividend payout ratio (DPR) is presently 54.55%.

In other news, Director Jeremy S. G. Fowden sold 7,868 shares of Primo Water stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $17.80, for a total value of $140,050.40. Following the completion of the transaction, the director now owns 1,367,158 shares in the company, valued at approximately $24,335,412.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jeremy S. G. Fowden sold 8,867 shares of Primo Water stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $17.81, for a total value of $157,921.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 138,114 shares of company stock valued at $2,462,460. 5.90% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Primo Water by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 9,907,745 shares of the company’s stock worth $165,757,000 after purchasing an additional 149,269 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Primo Water by 227.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 8,974,734 shares of the company’s stock worth $150,148,000 after purchasing an additional 6,236,125 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Primo Water by 5.6% in the 1st quarter. BlackRock Inc. now owns 8,279,327 shares of the company’s stock worth $134,621,000 after purchasing an additional 441,766 shares during the last quarter. FMR LLC lifted its holdings in shares of Primo Water by 48.5% in the 2nd quarter. FMR LLC now owns 7,285,295 shares of the company’s stock worth $121,883,000 after purchasing an additional 2,378,978 shares during the last quarter. Finally, P2 Capital Partners LLC lifted its holdings in shares of Primo Water by 9.7% in the 1st quarter. P2 Capital Partners LLC now owns 6,603,472 shares of the company’s stock worth $107,372,000 after purchasing an additional 585,566 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

About Primo Water

Primo Water Corp. engages in the manufacture, process, and distribution of beverages. It operates through the following segments: North America, Rest of World, and All Other. The North America segment offers bottled water, water filtration, and coffee services to customers in North America. The Rest of World segment provides bottled water, water filtration, and coffee services to customers in Europe and Israel.

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