Performance Food Group (NYSE:PFGC) Share Price Crosses Above 50-Day Moving Average – What’s Next?

Shares of Performance Food Group Company (NYSE:PFGC) passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $96.17 and traded as high as $96.41. Performance Food Group shares last traded at $96.2380, with a volume of 984,696 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PFGC. BMO Capital Markets reaffirmed an “outperform” rating on shares of Performance Food Group in a report on Thursday, August 13th. Morgan Stanley boosted their price objective on shares of Performance Food Group from $131.00 to $136.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Sanford C. Bernstein reissued an “outperform” rating on shares of Performance Food Group in a research report on Thursday, August 13th. TD Cowen lowered their target price on Performance Food Group from $115.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, October 15th. Finally, Citigroup raised their target price on Performance Food Group from $143.00 to $144.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Performance Food Group presently has a consensus rating of “Moderate Buy” and an average target price of $126.00.

Performance Food Group Trading Up 0.6%

The firm has a fifty day simple moving average of $96.17 and a 200-day simple moving average of $97.30.

Performance Food Group (NYSE:PFGC) last released its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.01). The firm had revenue of $18.03 billion during the quarter, compared to the consensus estimate of $18.11 billion. During the same period in the prior year, the business posted $0.84 EPS. The company’s revenue was up 6.7% on a year-over-year basis. As a group, equities analysts anticipate that Performance Food Group Company will post 5.58 earnings per share for the current fiscal year.

Insider Transactions at Performance Food Group

In other news, insider Erika T. Davis sold 1,320 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total value of $138,982.80. Following the sale, the insider owned 40,402 shares in the company, valued at approximately $4,253,926.58. This represents a 3.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider A. King sold 1,320 shares of Performance Food Group stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total value of $138,982.80. Following the completion of the transaction, the insider owned 44,216 shares of the company’s stock, valued at $4,655,502.64. This trade represents a 2.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 41,459 shares of company stock valued at $4,317,917 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Performance Food Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. VestGen Advisors LLC bought a new position in Performance Food Group during the 3rd quarter worth approximately $236,000. Apollon Wealth Management LLC grew its position in shares of Performance Food Group by 14.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 3,726 shares of the food distribution company’s stock worth $341,000 after acquiring an additional 483 shares in the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Performance Food Group by 373.2% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 10,027 shares of the food distribution company’s stock valued at $918,000 after acquiring an additional 7,908 shares during the last quarter. Inspire Investing LLC increased its holdings in shares of 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 valued at $765,000 after acquiring an additional 132 shares during the last quarter. Finally, MBL Wealth LLC bought a new stake in shares of Performance Food Group in the 3rd quarter valued at approximately $567,000. 96.87% of the stock is owned by institutional investors.

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.