Performance Food Group (NYSE:PFGC) Rating Increased to Strong-Buy at TD Cowen

TD Cowen upgraded shares of Performance Food Group (NYSE:PFGC) to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

Several other research firms have also commented on PFGC. Guggenheim boosted their price target on shares of Performance Food Group from $115.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 29th. Barclays lifted their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Performance Food Group in a research note on Wednesday, June 24th. Citigroup upped their target price on Performance Food Group from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Zacks Research upgraded Performance Food Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Performance Food Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.73.

Performance Food Group Trading Up 1.7%

Shares of NYSE PFGC opened at $115.63 on Tuesday. Performance Food Group has a twelve month low of $80.82 and a twelve month high of $116.42. The firm has a market cap of $18.16 billion, a PE ratio of 55.06, a price-to-earnings-growth ratio of 1.42 and a beta of 0.91. The business has a fifty day simple moving average of $99.64 and a two-hundred day simple moving average of $94.00. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.77 by $0.03. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The firm had revenue of $16.29 billion for the quarter, compared to analyst estimates of $16.17 billion. During the same quarter last year, the firm posted $0.79 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. Analysts expect that Performance Food Group will post 4.57 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Hugh Patrick Hatcher sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total transaction of $283,620.00. Following the completion of the sale, the insider owned 44,655 shares of the company’s stock, valued at $4,221,683.70. This represents a 6.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kimberly Grant sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total transaction of $237,500.00. Following the completion of the sale, the director owned 11,935 shares of the company’s stock, valued at approximately $1,133,825. This trade represents a 17.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 30,187 shares of company stock worth $3,027,315. Insiders own 4.50% of the company’s stock.

Institutional Trading of Performance Food Group

A number of institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. grew its stake in shares of Performance Food Group by 9.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,400,934 shares of the food distribution company’s stock worth $125,972,000 after acquiring an additional 121,202 shares during the last quarter. Maven Securities LTD acquired a new position in shares of Performance Food Group during the third quarter valued at about $2,589,000. Assenagon Asset Management S.A. raised its position in shares of Performance Food Group by 10.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 490,701 shares of the food distribution company’s stock valued at $44,124,000 after purchasing an additional 45,867 shares during the last quarter. Kennedy Capital Management LLC raised its position in shares of Performance Food Group by 7.3% in the 4th quarter. Kennedy Capital Management LLC now owns 207,351 shares of the food distribution company’s stock valued at $18,645,000 after purchasing an additional 14,173 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in Performance Food Group by 37.7% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 441,146 shares of the food distribution company’s stock worth $39,668,000 after purchasing an additional 120,725 shares in the last quarter. Institutional investors and hedge funds own 96.87% of the company’s stock.

About Performance Food Group

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.