Performance Food Group (NYSE:PFGC) Upgraded to “Hold” at Zacks Research

Performance Food Group (NYSE:PFGC) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

PFGC has been the subject of a number of other reports. Barclays reduced 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 report on Wednesday, January 7th. UBS Group reduced their price objective on shares of Performance Food Group from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, February 5th. Guggenheim reiterated a “buy” rating on shares of Performance Food Group in a report on Thursday, December 18th. Morgan Stanley reduced their price objective on shares of Performance Food Group from $123.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, February 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Performance Food Group in a report on Friday, March 27th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $116.44.

Performance Food Group Trading Up 4.2%

PFGC opened at $87.70 on Tuesday. Performance Food Group has a 1-year low of $70.42 and a 1-year high of $109.05. The company has a current ratio of 1.60, a quick ratio of 0.68 and a debt-to-equity ratio of 1.45. The company has a market cap of $13.75 billion, a P/E ratio of 39.87, a price-to-earnings-growth ratio of 1.18 and a beta of 0.94. The company has a fifty day moving average price of $90.32 and a two-hundred day moving average price of $94.19.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings results 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 net margin of 0.52% and a return on equity of 15.64%. The company had revenue of $16.44 billion during the quarter, compared to the consensus estimate of $16.54 billion. During the same period last year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts predict that Performance Food Group will post 4.58 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Chasity D. Grosh sold 1,843 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total transaction of $169,611.29. Following the transaction, the insider directly owned 6,601 shares in the company, valued at approximately $607,490.03. The trade was a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFGC. Goldman Sachs Group Inc. boosted its holdings in Performance Food Group by 30.3% during the first quarter. Goldman Sachs Group Inc. now owns 791,881 shares of the food distribution company’s stock worth $62,266,000 after purchasing an additional 184,066 shares during the last quarter. Empowered Funds LLC purchased a new position in Performance Food Group during the first quarter worth about $359,000. EverSource Wealth Advisors LLC boosted its holdings in Performance Food Group by 440.2% during the second quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company’s stock worth $58,000 after purchasing an additional 537 shares during the last quarter. Marshall Wace LLP purchased a new position in Performance Food Group during the second quarter worth about $230,000. Finally, California Public Employees Retirement System boosted its holdings in Performance Food Group by 1.1% during the second quarter. California Public Employees Retirement System now owns 255,440 shares of the food distribution company’s stock worth $22,343,000 after purchasing an additional 2,709 shares during the last quarter. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

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.