Zacks Investment Research upgraded shares of Primo Water (NASDAQ:PRMW) from a sell rating to a hold rating in a report issued on Friday morning, 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. “

Several other equities analysts have also issued reports on the company. Royal Bank of Canada lifted their target price on Primo Water from $14.00 to $17.00 in a research note on Tuesday, June 23rd. Canaccord Genuity reaffirmed a buy rating and issued a $15.00 price objective on shares of Primo Water in a research report on Friday, May 8th. CIBC decreased their target price on shares of Primo Water from $17.00 to $12.50 and set a neutral rating for the company in a research report on Wednesday, April 15th. Deutsche Bank raised their target price on shares of Primo Water from $12.00 to $14.00 and gave the company a hold rating in a research note on Friday, May 8th. Finally, TD Securities reduced their price target on Primo Water from $19.50 to $14.00 and set a buy rating on the stock in a research report on Friday, March 27th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $15.18.

Shares of PRMW stock opened at $13.41 on Friday. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 149.02, a PEG ratio of 4.62 and a beta of 0.77. Primo Water has a 52-week low of $6.33 and a 52-week high of $16.00. The company has a quick ratio of 0.70, a current ratio of 0.92 and a debt-to-equity ratio of 1.96. The company’s 50 day moving average is $12.27 and its 200 day moving average is $12.79.

Primo Water (NASDAQ:PRMW) last announced its earnings results on Thursday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $474.20 million for the quarter, compared to the consensus estimate of $462.98 million. Primo Water had a net margin of 1.29% and a return on equity of 7.11%. Analysts anticipate that Primo Water will post 0.12 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.24 dividend on an annualized basis and a yield of 1.79%. Primo Water’s dividend payout ratio is currently 70.59%.

Several hedge funds have recently made changes to their positions in PRMW. Royal Bank of Canada raised its stake in shares of Primo Water by 12,232.0% in the first quarter. Royal Bank of Canada now owns 318,288 shares of the company’s stock worth $2,885,000 after purchasing an additional 315,707 shares during the last quarter. Rice Hall James & Associates LLC acquired a new position in Primo Water in the 1st quarter worth approximately $5,172,000. 1832 Asset Management L.P. purchased a new position in Primo Water during the 1st quarter worth approximately $516,000. Engineers Gate Manager LP purchased a new position in Primo Water during the 1st quarter worth approximately $300,000. Finally, Paloma Partners Management Co lifted its stake in Primo Water by 603.3% during the 1st quarter. Paloma Partners Management Co now owns 175,002 shares of the company’s stock valued at $1,585,000 after acquiring an additional 150,118 shares during the period. 85.03% of the stock is currently owned by institutional investors and hedge funds.

About Primo Water

Primo Water Corporation, together with its subsidiaries, provides multi-gallon purified bottled water, self-service refill water, and water dispensers in the United States and Canada. It operates in three segments: Refill, Exchange, and Dispensers. The Refill segment sells filtered drinking water dispensed directly to consumers through self-service machines.

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