TD Asset Management Inc lifted its stake in Primo Water Co. (NYSE:PRMW – Free Report) by 69.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 539,075 shares of the company’s stock after buying an additional 220,500 shares during the period. TD Asset Management Inc’s holdings in Primo Water were worth $6,763,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of PRMW. BlackRock Inc. grew its position in shares of Primo Water by 24.7% in the 3rd quarter. BlackRock Inc. now owns 11,600,023 shares of the company’s stock valued at $145,580,000 after buying an additional 2,296,515 shares during the last quarter. Norges Bank acquired a new stake in Primo Water during the 4th quarter worth $22,126,000. William Blair Investment Management LLC boosted its stake in Primo Water by 135.1% during the 1st quarter. William Blair Investment Management LLC now owns 2,097,036 shares of the company’s stock worth $32,190,000 after purchasing an additional 1,205,031 shares during the period. Goldman Sachs Group Inc. boosted its stake in Primo Water by 9.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,581,085 shares of the company’s stock worth $165,030,000 after purchasing an additional 1,031,066 shares during the period. Finally, Legion Partners Asset Management LLC boosted its stake in Primo Water by 54.0% during the 1st quarter. Legion Partners Asset Management LLC now owns 2,393,465 shares of the company’s stock worth $36,740,000 after purchasing an additional 839,150 shares during the period. 83.87% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have recently commented on the stock. StockNews.com cut shares of Primo Water from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 10th. CIBC upgraded shares of Primo Water from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $17.50 to $20.00 in a research note on Friday, November 3rd. TD Securities raised their price objective on shares of Primo Water from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Primo Water from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, October 31st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.
Primo Water Stock Performance
Shares of NYSE PRMW opened at $14.33 on Tuesday. The company has a market cap of $2.28 billion, a PE ratio of 19.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.06. Primo Water Co. has a 12 month low of $12.27 and a 12 month high of $16.47. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.84 and a quick ratio of 0.67. The company has a 50-day simple moving average of $13.97 and a 200-day simple moving average of $13.84.
Primo Water Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 21st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, November 20th. This represents a $0.32 dividend on an annualized basis and a yield of 2.23%. Primo Water’s payout ratio is 43.24%.
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 water, filtration equipment, and coffee. The company offers its products under the Primo, Alhambra, Crystal Rock, Mountain Valley, Deep Rock, Hinckley Springs, Crystal Springs, Kentwood Springs, Mount Olympus, Pureflo, Sierra Springs, Sparkletts, and Renü brands in the United States; Canadian Springs, Labrador Source, and Amazon Springs brands in Canada; and Decantae, Eden, Eden Springs, Chateaud'eau, and Mey Eden brands in Europe and Israel.
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