Primo Water (NYSE:PRMW) Releases Earnings Results, Beats Estimates By $0.02 EPS

Primo Water (NYSE:PRMW) released its earnings results on Thursday. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02, Briefing.com reports. Primo Water had a net margin of 12.22% and a return on equity of 9.36%. The company had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. During the same quarter in the previous year, the company earned $0.22 EPS. Primo Water’s quarterly revenue was up 7.7% compared to the same quarter last year. Primo Water updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Primo Water Stock Performance

NYSE PRMW traded up $0.15 during trading on Friday, hitting $21.55. 754,907 shares of the company’s stock traded hands, compared to its average volume of 1,204,956. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 1.62 and a beta of 1.10. Primo Water has a 12-month low of $12.92 and a 12-month high of $25.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.02 and a current ratio of 2.13. The business has a 50 day moving average of $21.72 and a 200-day moving average of $19.23.

Primo Water Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Thursday, August 22nd. Primo Water’s dividend payout ratio (DPR) is presently 22.36%.

Analyst Upgrades and Downgrades

PRMW has been the subject of a number of recent research reports. TD Securities boosted their price target on shares of Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a research note on Friday, May 10th. CIBC boosted their price target on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” 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, June 18th. Finally, StockNews.com upgraded shares of 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 issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

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.