Primo Water (NYSE:PRMW) Price Target Raised to $26.00 at CIBC

Primo Water (NYSE:PRMWGet Free Report) had its target price lifted by equities researchers at CIBC from $24.00 to $26.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “outperformer” rating on the stock. CIBC’s price target would indicate a potential upside of 14.34% from the company’s previous close.

Several other brokerages have also recently issued reports on PRMW. Raymond James cut 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. JPMorgan Chase & Co. lifted their target price on Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. Royal Bank of Canada reissued an “outperform” rating and set a $30.00 price objective on shares of Primo Water in a research note on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Water from $17.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, May 10th. Finally, StockNews.com raised Primo Water from a “hold” rating to a “buy” rating in a research note on Friday, May 17th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.33.

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Primo Water Price Performance

NYSE:PRMW traded down $0.05 on Tuesday, reaching $22.74. 558,660 shares of the company’s stock traded hands, compared to its average volume of 1,159,899. Primo Water has a 12 month low of $12.27 and a 12 month high of $25.60. The company has a quick ratio of 2.02, a current ratio of 2.13 and a debt-to-equity ratio of 0.87. The stock has a 50-day simple moving average of $20.67 and a 200-day simple moving average of $17.47. The firm has a market cap of $3.64 billion, a PE ratio of 14.22, a P/E/G ratio of 1.63 and a beta of 1.09.

Primo Water (NYSE:PRMWGet Free Report) last issued its earnings results on Thursday, May 9th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.05. Primo Water had a return on equity of 9.36% and a net margin of 12.22%. The firm had revenue of $452.00 million for the quarter, compared to analysts’ expectations of $438.81 million. Equities research analysts forecast that Primo Water will post 0.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Primo Water by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock worth $183,003,000 after purchasing an additional 248,774 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Primo Water by 1.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 7,352,477 shares of the company’s stock valued at $101,464,000 after acquiring an additional 116,453 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Primo Water by 32.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after acquiring an additional 937,235 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Primo Water by 2.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,703,385 shares of the company’s stock valued at $67,439,000 after acquiring an additional 100,702 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Primo Water by 13.0% during the 4th quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock valued at $40,844,000 after acquiring an additional 312,815 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

About Primo Water

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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.

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