Performance Food Group (NYSE:PFGC) Sees Strong Trading Volume – Still a Buy?

Shares of Performance Food Group Company (NYSE:PFGC) saw unusually-strong trading volume on Tuesday . Approximately 4,526,240 shares traded hands during mid-day trading, an increase of 104% from the previous session’s volume of 2,218,788 shares.The stock last traded at $89.9820 and had previously closed at $91.63.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PFGC. Barclays cut their price objective on shares of Performance Food Group from $120.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Citigroup reduced their price objective on Performance Food Group from $127.00 to $126.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Morgan Stanley lowered their target price on Performance Food Group from $123.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. Sanford C. Bernstein restated an “outperform” rating on shares of Performance Food Group in a research report on Thursday, February 5th. Finally, Zacks Research raised Performance Food Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $116.44.

Performance Food Group Stock Down 2.1%

The company has a market capitalization of $14.07 billion, a P/E ratio of 40.88, a PEG ratio of 1.32 and a beta of 0.94. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.60 and a quick ratio of 0.68. The company has a 50 day moving average of $89.65 and a 200-day moving average of $93.33.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.09). Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The business had revenue of $16.44 billion during the quarter, compared to analysts’ expectations of $16.54 billion. During the same quarter last year, the business posted $0.98 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Performance Food Group Company will post 4.59 EPS for the current year.

Insider Buying and Selling

In other news, insider Chasity D. Grosh sold 1,843 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total value of $169,611.29. Following the completion of the sale, the insider directly owned 6,601 shares of the company’s stock, valued at approximately $607,490.03. This trade represents a 21.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PFGC. AE Wealth Management LLC purchased a new position in Performance Food Group during the third quarter valued at $1,666,000. Braun Stacey Associates Inc. bought a new position in shares of Performance Food Group in the 3rd quarter worth about $13,055,000. Strs Ohio lifted its position in Performance Food Group by 54.4% during the 3rd quarter. Strs Ohio now owns 149,751 shares of the food distribution company’s stock valued at $15,580,000 after acquiring an additional 52,734 shares during the period. Maven Securities LTD bought a new stake in Performance Food Group during the third quarter worth about $2,589,000. Finally, Close Asset Management Ltd grew its holdings in Performance Food Group by 7.5% in the third quarter. Close Asset Management Ltd now owns 2,080,377 shares of the food distribution company’s stock worth $216,536,000 after purchasing an additional 145,387 shares during the period. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Company Profile

Performance Food Group Company (NYSE: PFGC) is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.