Jennison Associates LLC Invests $644,000 in Primo Water Co. (NYSE:PRMW)

Jennison Associates LLC bought a new stake in shares of Primo Water Co. (NYSE:PRMW) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 42,821 shares of the company’s stock, valued at approximately $644,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC raised its stake in Primo Water by 358.1% during the 4th quarter. Signaturefd LLC now owns 2,364 shares of the company’s stock valued at $36,000 after purchasing an additional 1,848 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in Primo Water during the 3rd quarter valued at approximately $102,000. Aigen Investment Management LP bought a new stake in Primo Water during the 3rd quarter valued at approximately $139,000. Blueshift Asset Management LLC bought a new stake in Primo Water during the 3rd quarter valued at approximately $159,000. Finally, Gitterman Wealth Management LLC bought a new stake in Primo Water during the 3rd quarter valued at approximately $204,000. Institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PRMW. Raymond James downgraded Primo Water from a “strong-buy” rating to an “outperform” rating and set a $21.00 target price on the stock. in a research note on Wednesday, April 3rd. StockNews.com downgraded Primo Water from a “buy” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. lifted their price objective on Primo Water from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 20th. Finally, TD Securities reduced their price objective on Primo Water from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $20.75.

Primo Water Stock Performance

NYSE:PRMW opened at $18.95 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.03 and a quick ratio of 1.92. Primo Water Co. has a 1 year low of $12.27 and a 1 year high of $19.01. The stock’s 50 day simple moving average is $17.38 and its two-hundred day simple moving average is $15.53. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.77 and a beta of 1.12.

Primo Water (NYSE:PRMW) last announced its earnings results on Thursday, February 22nd. The company reported $0.07 EPS 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 analysts’ expectations of $582.93 million. Primo Water had a return on equity of 8.55% and a net margin of 10.82%. As a group, equities analysts anticipate that Primo Water Co. will post 0.82 earnings per share for the current fiscal year.

Primo Water Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a $0.09 dividend. This is a boost from Primo Water’s previous quarterly dividend of $0.08. The ex-dividend date was Thursday, March 7th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.90%. Primo Water’s payout ratio is 24.16%.

Primo Water 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 essence water, filtration units, and coffee.