Performance Food Group (NYSE:PFGC) Stock Rating Upgraded by Zacks Research

Performance Food Group (NYSE:PFGC) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley lowered their price target on shares of Performance Food Group from $123.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, February 5th. Piper Sandler reduced their target price on shares of Performance Food Group from $116.00 to $111.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Performance Food Group in a report on Thursday, February 5th. Guggenheim reissued a “buy” rating on shares of Performance Food Group in a research note on Thursday, December 18th. Finally, Barclays cut their price target 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. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $116.44.

Performance Food Group Price Performance

Shares of NYSE:PFGC traded down $0.20 during midday trading on Tuesday, hitting $87.55. The company had a trading volume of 26,679 shares, compared to its average volume of 2,276,477. Performance Food Group has a twelve month low of $73.37 and a twelve month high of $109.05. The stock has a market cap of $13.73 billion, a price-to-earnings ratio of 39.85, a price-to-earnings-growth ratio of 1.18 and a beta of 0.94. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.60 and a quick ratio of 0.68. The business’s 50-day simple moving average is $90.32 and its 200-day simple moving average is $94.19.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.09). Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The company had revenue of $16.44 billion for the quarter, compared to analyst estimates of $16.54 billion. During the same period last year, the firm posted $0.98 EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. On average, research analysts predict that Performance Food Group will post 4.58 earnings per share for the current year.

Insider Buying and Selling at Performance Food Group

In related news, insider Chasity D. Grosh sold 1,843 shares of Performance Food Group stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total value of $169,611.29. Following the completion of the sale, the insider owned 6,601 shares in the company, valued at approximately $607,490.03. This trade represents a 21.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Performance Food Group

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in shares of Performance Food Group by 30.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 791,881 shares of the food distribution company’s stock valued at $62,266,000 after buying an additional 184,066 shares during the period. Empowered Funds LLC acquired a new position in Performance Food Group in the 1st quarter valued at about $359,000. EverSource Wealth Advisors LLC increased its stake 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 period. Marshall Wace LLP purchased a new stake in Performance Food Group during the second quarter worth about $230,000. Finally, California Public Employees Retirement System lifted its position in shares of 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 in the last quarter. 96.87% of the stock is owned by institutional investors and hedge funds.

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.