Primo Water (NYSE:PRMW) Price Target Cut to $16.00

Primo Water (NYSE:PRMWGet Rating) had its target price reduced by Deutsche Bank Aktiengesellschaft from $18.00 to $16.00 in a note issued to investors on Friday, The Fly reports. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 15.77% from the company’s previous close.

A number of other research analysts have also recently commented on PRMW. Citigroup cut their price target on shares of Primo Water from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, February 25th. Zacks Investment Research cut shares of Primo Water from a “hold” rating to a “sell” rating in a research note on Friday, March 18th. Finally, TD Securities cut their price target on shares of Primo Water from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, February 25th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Primo Water presently has an average rating of “Hold” and an average price target of $18.80.

PRMW stock opened at $13.82 on Friday. Primo Water has a twelve month low of $13.34 and a twelve month high of $20.12. The company has a market cap of $2.22 billion, a PE ratio of -691.00 and a beta of 1.33. The business’s 50-day simple moving average is $14.33 and its 200 day simple moving average is $16.07. The company has a quick ratio of 0.58, a current ratio of 0.72 and a debt-to-equity ratio of 1.00.

Primo Water (NYSE:PRMWGet Rating) last announced its quarterly earnings results on Thursday, May 12th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $526.10 million during the quarter, compared to analysts’ expectations of $516.19 million. Primo Water had a negative net margin of 0.15% and a positive return on equity of 5.33%. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 earnings per share. On average, equities research analysts anticipate that Primo Water will post 0.52 EPS for the current year.

In related news, CFO Jay Wells acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The stock was purchased at an average price of $13.81 per share, for a total transaction of $138,100.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Steven P. Stanbrook acquired 3,362 shares of the company’s stock in a transaction that occurred on Monday, February 28th. The stock was bought at an average price of $14.37 per share, with a total value of $48,311.94. The disclosure for this purchase can be found here. Insiders own 5.90% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings in Primo Water by 43.4% during the 4th quarter. JPMorgan Chase & Co. now owns 13,782,829 shares of the company’s stock worth $242,990,000 after acquiring an additional 4,170,012 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Primo Water during the 4th quarter worth $67,356,000. Norges Bank acquired a new stake in Primo Water during the 4th quarter worth $29,309,000. Goldman Sachs Group Inc. grew its holdings in Primo Water by 9.4% during the 3rd quarter. Goldman Sachs Group Inc. now owns 9,821,487 shares of the company’s stock worth $154,393,000 after acquiring an additional 846,753 shares during the period. Finally, Easterly Investment Partners LLC acquired a new stake in Primo Water during the 3rd quarter worth $13,039,000. Hedge funds and other institutional investors own 93.36% of the company’s stock.

Primo Water Company Profile (Get Rating)

Primo Water Corporation provides water direct to consumers and water filtration services in North America and Europe. It offers bottled water, purified bottled water, premium spring, sparkling and flavored water, mineral water, filtration equipment, and coffee; as well as water dispensers, and self-service refill drinking water.

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