Performance Food Group (NYSE:PFGC) Reaches New 52-Week High – Should You Buy?

Performance Food Group Company (NYSE:PFGC) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $116.42 and last traded at $115.6280, with a volume of 1524072 shares trading hands. The stock had previously closed at $113.74.

Analysts Set New Price Targets

A number of analysts recently commented on PFGC shares. TD Cowen assumed coverage on Performance Food Group in a research report on Monday. They issued a “buy” rating and a $128.00 price objective for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $123.00 price target on shares of Performance Food Group in a research note on Thursday, May 7th. Barclays raised their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Zacks Research upgraded shares of Performance Food Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Performance Food Group in a research note on Wednesday, June 24th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Performance Food Group presently has a consensus rating of “Moderate Buy” and an average target price of $120.73.

Performance Food Group Stock Up 1.7%

The firm has a market cap of $18.16 billion, a P/E ratio of 55.06, a price-to-earnings-growth ratio of 1.42 and a beta of 0.91. The firm’s 50 day moving average is $99.64 and its two-hundred day moving average is $94.00. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40.

Performance Food Group (NYSE:PFGC) last posted its earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $16.17 billion. During the same period in the previous year, the firm earned $0.79 earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. As a group, research analysts anticipate that Performance Food Group Company will post 4.57 EPS for the current fiscal year.

Insider Transactions at Performance Food Group

In other news, insider A Brent King sold 6,111 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $105.00, for a total transaction of $641,655.00. Following the completion of the transaction, the insider directly owned 44,260 shares of the company’s stock, valued at $4,647,300. This trade represents a 12.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hugh Patrick Hatcher sold 3,000 shares of Performance Food Group 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 in the company, valued at $4,221,683.70. This trade represents a 6.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 30,187 shares of company stock worth $3,027,315. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Performance Food Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Performance Food Group during the fourth quarter worth approximately $208,170,000. Wellington Management Group LLP increased its position in shares of Performance Food Group by 46.2% in the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock worth $646,447,000 after purchasing an additional 1,964,799 shares during the period. Invesco Ltd. increased its holdings in Performance Food Group by 79.1% in the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock valued at $275,400,000 after buying an additional 1,168,869 shares during the period. Eminence Capital LP raised its position in Performance Food Group by 60.5% during the fourth quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company’s stock valued at $238,050,000 after purchasing an additional 998,249 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Performance Food Group during the 4th quarter worth $81,020,000. 96.87% of the stock is owned by 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.