Performance Food Group (NYSE:PFGC) Sets New 12-Month High – Here’s Why

Shares of Performance Food Group (NYSE:PFGC) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $88.99 and last traded at $86.88, with a volume of 36819 shares. The stock had previously closed at $82.33.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PFGC. Barclays lifted their price objective on Performance Food Group from $88.00 to $98.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Morgan Stanley reiterated an “equal weight” rating and issued a $92.00 price objective on shares of Performance Food Group in a report on Monday, October 28th. Truist Financial lifted their price target on shares of Performance Food Group from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. BMO Capital Markets upped their price objective on shares of Performance Food Group from $80.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Finally, StockNews.com upgraded shares of Performance Food Group from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.88.

Performance Food Group Price Performance

The firm has a market capitalization of $13.62 billion, a PE ratio of 31.54, a PEG ratio of 0.81 and a beta of 1.44. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 0.95. The firm’s fifty day simple moving average is $78.13 and its 200-day simple moving average is $71.83.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data on Wednesday, August 14th. The food distribution company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.08. Performance Food Group had a return on equity of 17.03% and a net margin of 0.75%. The business had revenue of $15.20 billion for the quarter, compared to analysts’ expectations of $15.25 billion. During the same period in the prior year, the firm posted $1.14 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, research analysts forecast that Performance Food Group will post 4.87 earnings per share for the current fiscal year.

Insider Transactions at Performance Food Group

In other news, insider George L. Holm sold 63,500 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $73.53, for a total transaction of $4,669,155.00. Following the transaction, the insider now directly owns 531,556 shares of the company’s stock, valued at $39,085,312.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Patrick T. Hagerty sold 8,000 shares of Performance Food Group stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $74.56, for a total transaction of $596,480.00. Following the sale, the insider now owns 162,987 shares in the company, valued at $12,152,310.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider George L. Holm sold 63,500 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $73.53, for a total transaction of $4,669,155.00. Following the completion of the sale, the insider now owns 531,556 shares in the company, valued at approximately $39,085,312.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,500 shares of company stock worth $7,426,075 over the last three months. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Performance Food Group

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. raised its position in shares of Performance Food Group by 281.4% during the 3rd quarter. Blue Trust Inc. now owns 328 shares of the food distribution company’s stock valued at $26,000 after buying an additional 242 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in Performance Food Group in the third quarter worth $26,000. Innealta Capital LLC purchased a new position in Performance Food Group during the second quarter worth $30,000. Venturi Wealth Management LLC raised its stake in shares of Performance Food Group by 203.0% in the third quarter. Venturi Wealth Management LLC now owns 409 shares of the food distribution company’s stock valued at $32,000 after acquiring an additional 274 shares during the period. Finally, UMB Bank n.a. lifted its holdings in shares of Performance Food Group by 414.8% in the 3rd quarter. UMB Bank n.a. now owns 453 shares of the food distribution company’s stock worth $36,000 after acquiring an additional 365 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, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products.