Raymond James Downgrades Primo Water (NYSE:PRMW) to Market Perform

Primo Water (NYSE:PRMW) was downgraded by stock analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports.

Several other research analysts also recently weighed in on the company. TD Securities boosted their target price on Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Royal Bank of Canada restated an “outperform” rating and set a $30.00 price target on shares of Primo Water in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. CIBC lifted their target price on shares of Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a research note on Tuesday, June 18th. Finally, StockNews.com upgraded shares of Primo Water from a “hold” rating to a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Performance

PRMW stock opened at $24.98 on Wednesday. Primo Water has a one year low of $12.92 and a one year high of $25.67. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.87 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The firm has a 50-day simple moving average of $22.99 and a two-hundred day simple moving average of $21.31.

Primo Water (NYSE:PRMW) last posted its earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The company had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. Primo Water’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities analysts forecast that Primo Water will post 0.88 EPS for the current fiscal year.

Institutional Trading of Primo Water

Several large investors have recently made changes to their positions in PRMW. CWM LLC raised its holdings in shares of Primo Water by 36.0% during the first quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after purchasing an additional 631 shares during the last quarter. Tobam raised its stake in shares of Primo Water by 4.4% during the 1st quarter. Tobam now owns 16,780 shares of the company’s stock valued at $306,000 after buying an additional 705 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Primo Water by 3.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,744 shares of the company’s stock valued at $781,000 after buying an additional 1,307 shares during the period. Creative Planning boosted its stake in shares of Primo Water by 8.8% in the second quarter. Creative Planning now owns 17,301 shares of the company’s stock worth $378,000 after buying an additional 1,402 shares during the last quarter. Finally, Cedar Wealth Management LLC acquired a new stake in Primo Water during the first quarter worth about $27,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

About Primo Water

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.