Performance Food Group (NYSE:PFGC) Given New $141.00 Price Target at Citigroup

Performance Food Group (NYSE:PFGC) had its price target raised by Citigroup from $127.00 to $141.00 in a research note published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the food distribution company’s stock.

A number of other research firms have also recently weighed in on PFGC. Wells Fargo & Company raised their price target on Performance Food Group from $115.00 to $130.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Morgan Stanley boosted their price objective on Performance Food Group from $131.00 to $136.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $133.00 target price on shares of Performance Food Group in a report on Thursday, August 13th. BMO Capital Markets restated an “outperform” rating on shares of Performance Food Group in a research note on Thursday, August 13th. Finally, TD Cowen lifted their price target on Performance Food Group from $110.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $128.40.

Performance Food Group Price Performance

Shares of Performance Food Group stock traded down $2.29 during mid-day trading on Friday, reaching $107.39. 2,930,214 shares of the stock were exchanged, compared to its average volume of 1,282,779. The company has a market cap of $16.92 billion, a price-to-earnings ratio of 42.79, a price-to-earnings-growth ratio of 1.30 and a beta of 0.91. The company has a current ratio of 1.51, a quick ratio of 0.67 and a debt-to-equity ratio of 1.34. The firm has a 50-day simple moving average of $95.84 and a 200 day simple moving average of $97.65. Performance Food Group has a fifty-two week low of $80.82 and a fifty-two week high of $117.47.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings results on Wednesday, November 4th. The food distribution company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.05. The firm had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $18.02 billion. Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.60 EPS. On average, sell-side analysts predict that Performance Food Group will post 5.59 EPS for the current fiscal year.

Insider Buying and Selling at Performance Food Group

In other Performance Food Group news, insider Donald Bulmer sold 10,535 shares of Performance Food Group stock in a transaction on Monday, August 24th. The shares were sold at an average price of $105.90, for a total transaction of $1,115,656.50. Following the completion of the sale, the insider owned 54,291 shares of the company’s stock, valued at approximately $5,749,416.90. The trade was a 16.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hugh Hatcher sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $99.18, for a total transaction of $297,540.00. Following the sale, the insider owned 58,167 shares of the company’s stock, valued at $5,769,003.06. The trade was a 4.90% decrease in their position. 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 in the last three months. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Performance Food Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aberdeen Group plc grew its position in shares of Performance Food Group by 94.9% during the 3rd quarter. Aberdeen Group plc now owns 24,123 shares of the food distribution company’s stock worth $2,207,000 after buying an additional 11,743 shares during the period. Allworth Financial LP raised its position in shares of Performance Food Group by 52.0% in the 3rd quarter. Allworth Financial LP now owns 3,742 shares of the food distribution company’s stock valued at $342,000 after acquiring an additional 1,280 shares during the period. Maryland State Retirement & Pension System boosted its stake in Performance Food Group by 15.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 8,765 shares of the food distribution company’s stock worth $802,000 after acquiring an additional 1,156 shares during the last quarter. Ritholtz Wealth Management bought a new position in Performance Food Group during the 3rd quarter worth approximately $232,000. Finally, Machina Capital S.A.S. acquired a new position in Performance Food Group during the third quarter valued at approximately $1,101,000. Institutional investors own 96.87% of the company’s stock.

Trending Headlines about Performance Food Group

Here are the key news stories impacting Performance Food Group this week:

• Positive Sentiment: Performance Food Group reported fiscal first-quarter earnings of $1.32 per share, beating the $1.27 consensus estimate. Revenue was $18.02 billion, in line with expectations and up 5.5% year over year. The earnings beat was cited as the catalyst for a sharp rise in the shares. Performance Food Group Stock Jumps After Earnings Beat
• Positive Sentiment: UBS raised its price target to $133 from $130 and reiterated a Buy rating, signaling continued confidence in the stock’s potential. UBS Group stock recommendations
• Positive Sentiment: Sanford C. Bernstein lifted its target to $135 from $130 and maintained an Outperform rating, reinforcing the bullish analyst view. Tickerreport coverage
• Positive Sentiment: A TD Cowen analyst also expects PFGC shares to rise, adding to the favorable analyst commentary following the earnings report. TD Cowen analyst outlook

Performance Food Group Company Profile

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.