Performance Food Group (NYSE:PFGC) Price Target Raised to $125.00

Performance Food Group (NYSE:PFGC) had its price objective increased by TD Cowen from $110.00 to $125.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the food distribution company’s stock.

PFGC has been the topic of several other reports. Sanford C. Bernstein reissued an “outperform” rating on shares of Performance Food Group in a research report on Thursday, August 13th. Morgan Stanley upped their target price on shares of Performance Food Group from $131.00 to $136.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. UBS Group decreased their target price on shares of Performance Food Group from $132.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Wells Fargo & Company increased their target price on shares of Performance Food Group from $115.00 to $130.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $133.00 price target on shares of Performance Food Group in a report on Thursday, August 13th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Performance Food Group has an average rating of “Moderate Buy” and a consensus target price of $128.40.

Performance Food Group Trading Down 2.1%

PFGC traded down $2.29 during mid-day trading on Wednesday, hitting $107.39. 2,930,214 shares of the stock were exchanged, compared to its average volume of 1,282,779. The firm’s fifty day moving average is $95.84 and its two-hundred day moving average is $97.65. Performance Food Group has a 1-year low of $80.82 and a 1-year high of $117.47. The company has a current ratio of 1.51, a quick ratio of 0.67 and a debt-to-equity ratio of 1.34. The company has a market cap of $16.92 billion, a PE ratio of 42.79, a PEG ratio of 1.30 and a beta of 0.91.

Performance Food Group (NYSE:PFGC) last released its earnings results on Wednesday, November 4th. The food distribution company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.05. The company had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $18.02 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%. Performance Food Group’s revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. Equities analysts forecast that Performance Food Group will post 5.59 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Hugh Hatcher sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $99.18, for a total transaction of $297,540.00. Following the sale, the insider owned 58,167 shares of the company’s stock, valued at approximately $5,769,003.06. The trade was a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Donald S. Bulmer sold 10,535 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $105.90, for a total transaction of $1,115,656.50. Following the sale, the insider directly owned 54,291 shares in the company, valued at approximately $5,749,416.90. This represents a 16.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 41,459 shares of company stock valued at $4,317,917. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Performance Food Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Wealth Management LLC grew its holdings in shares of Performance Food Group by 2.2% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 5,473 shares of the food distribution company’s stock worth $501,000 after acquiring an additional 117 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Performance Food Group by 0.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,362 shares of the food distribution company’s stock valued at $3,372,000 after buying an additional 121 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of Performance Food Group by 3.8% in the first quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company’s stock valued at $285,000 after acquiring an additional 122 shares in the last quarter. Net Worth Advisory Group boosted its stake in shares of Performance Food Group by 1.7% during the 3rd quarter. Net Worth Advisory Group now owns 7,691 shares of the food distribution company’s stock worth $706,000 after purchasing an additional 132 shares during the last quarter. Finally, Inspire Investing LLC grew its stake in Performance Food Group by 1.6% in the 3rd quarter. Inspire Investing LLC now owns 8,365 shares of the food distribution company’s stock worth $765,000 after acquiring an additional 132 shares during the period. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Performance Food Group

Here are the key news stories impacting Performance Food Group this week:

• Positive Sentiment: Performance Food Group reported fiscal first-quarter earnings of $1.32 per share, beating the $1.27 consensus estimate. Revenue was $18.02 billion, in line with expectations and up 5.5% year over year. The earnings beat was cited as the catalyst for a sharp rise in the shares. Performance Food Group Stock Jumps After Earnings Beat
• Positive Sentiment: UBS raised its price target to $133 from $130 and reiterated a Buy rating, signaling continued confidence in the stock’s potential. UBS Group stock recommendations
• Positive Sentiment: Sanford C. Bernstein lifted its target to $135 from $130 and maintained an Outperform rating, reinforcing the bullish analyst view. Tickerreport coverage
• Positive Sentiment: A TD Cowen analyst also expects PFGC shares to rise, adding to the favorable analyst commentary following the earnings report. TD Cowen analyst outlook

About Performance Food Group

Performance Food Group Co (NYSE:PFGC) is a food and foodservice distribution company serving restaurants, convenience stores, schools, health care facilities, hospitality businesses and other institutional customers. The company supplies a broad selection of fresh, frozen and dry food products, beverages, disposables, kitchen supplies and related equipment.

Performance Food Group operates through three primary business areas: Foodservice, which distributes products to independent and chain restaurants and institutional customers; Vistar, which supplies candy, snacks, beverages and other products to vending, theater, hospitality and specialty retail customers; and Convenience, which serves convenience stores and other retail locations with food, beverages, tobacco products and related merchandise.

The company traces its origins to 1987 and is headquartered in Richmond, Virginia.