Primo Water (NYSE:PRMW) Price Target Raised to $30.00 at Royal Bank of Canada

Primo Water (NYSE:PRMW - Free Report) had its price objective hoisted by Royal Bank of Canada from $19.00 to $30.00 in a research note released on Monday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other research analysts have also weighed in on the stock. StockNews.com raised shares of Primo Water from a hold rating to a buy rating in a research report on Friday. Raymond James lowered Primo Water from a strong-buy rating to an outperform rating and set a $21.00 target price on the stock. in a report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft upped 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. raised their price objective on shares of Primo Water from $19.00 to $21.00 and gave the stock an overweight rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating and six have given 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 $22.50.

Primo Water Stock Up 1.2 %

Primo Water stock traded up $0.26 during mid-day trading on Monday, hitting $21.77. 1,036,140 shares of the company's stock were exchanged, compared to its average volume of 1,118,348. Primo Water has a 1-year low of $12.27 and a 1-year high of $23.11. The stock has a 50 day moving average of $18.81 and a two-hundred day moving average of $16.34. The company has a current ratio of 2.13, a quick ratio of 2.02 and a debt-to-equity ratio of 0.87. The stock has a market cap of $3.48 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.69 and a beta of 1.09.

Primo Water (NYSE:PRMW - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.10). The company had revenue of $438.70 million during the quarter, compared to the consensus estimate of $582.93 million. Primo Water had a net margin of 12.22% and a return on equity of 9.36%. As a group, analysts anticipate that Primo Water will post 0.82 EPS for the current fiscal year.

Primo Water Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, June 7th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, June 7th. Primo Water's dividend payout ratio (DPR) is presently 22.36%.

Hedge Funds Weigh In On Primo Water

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP bought a new position in shares of Primo Water during the third quarter valued at $33,135,000. Norges Bank acquired a new position in Primo Water in the fourth quarter valued at about $18,559,000. Goldman Sachs Group Inc. grew its stake in Primo Water by 32.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company's stock worth $57,945,000 after buying an additional 937,235 shares during the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of Primo Water by 165.7% during the fourth quarter. Hillsdale Investment Management Inc. now owns 1,223,570 shares of the company's stock worth $18,440,000 after buying an additional 763,040 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Primo Water by 4.5% in the third quarter. Vanguard Group Inc. now owns 11,910,887 shares of the company's stock valued at $164,370,000 after acquiring an additional 508,251 shares during the last quarter. 87.71% of the stock is owned by 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.