Performance Food Group (NYSE:PFGC) Upgraded by TD Cowen to Strong-Buy Rating

Performance Food Group (NYSE:PFGC) was upgraded by analysts at TD Cowen to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other research firms also recently commented on PFGC. Weiss Ratings reiterated a “hold (c)” rating on shares of Performance Food Group in a report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $123.00 price target on shares of Performance Food Group in a research note on Thursday, May 7th. Citigroup boosted their price objective on shares of Performance Food Group from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Zacks Research upgraded shares of Performance Food Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Finally, Barclays increased their target price on shares of Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.73.

Performance Food Group Stock Up 1.7%

PFGC stock opened at $115.63 on Tuesday. The company’s 50 day moving average price is $99.64 and its 200 day moving average price is $94.00. The firm has a market capitalization of $18.16 billion, a price-to-earnings ratio of 55.06, a PEG ratio of 1.42 and a beta of 0.91. Performance Food Group has a fifty-two week low of $80.82 and a fifty-two week high of $116.42. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.68 and a current ratio of 1.52.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. Performance Food Group had a net margin of 0.49% and a return on equity of 15.33%. The company had revenue of $16.29 billion during the quarter, compared to the consensus estimate of $16.17 billion. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. On average, equities research analysts anticipate that Performance Food Group will post 4.57 EPS for the current fiscal year.

Insider Buying and Selling at Performance Food Group

In other news, insider Hugh Patrick Hatcher sold 3,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $4,221,683.70. This represents a 6.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kimberly Grant sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $95.00, for a total value of $237,500.00. Following the transaction, the director directly owned 11,935 shares in the company, valued at approximately $1,133,825. This represents a 17.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,187 shares of company stock worth $3,027,315 in the last 90 days. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PFGC. GAMMA Investing LLC increased its holdings in shares of Performance Food Group by 12.7% in the second quarter. GAMMA Investing LLC now owns 3,913 shares of the food distribution company’s stock valued at $437,000 after purchasing an additional 440 shares during the period. Harbor Investment Advisory LLC acquired a new stake in shares of Performance Food Group during the second quarter worth $82,000. CX Institutional grew its position in Performance Food Group by 3.3% in the 2nd quarter. CX Institutional now owns 22,026 shares of the food distribution company’s stock valued at $2,462,000 after buying an additional 694 shares during the last quarter. Amundi grew its position in Performance Food Group by 154.3% in the 1st quarter. Amundi now owns 5,905 shares of the food distribution company’s stock valued at $506,000 after buying an additional 3,583 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Performance Food Group by 23.8% during the 1st quarter. California State Teachers Retirement System now owns 183,693 shares of the food distribution company’s stock worth $15,735,000 after buying an additional 35,328 shares during the last quarter. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

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.