Morgan Stanley Initiates Coverage on Performance Food Group (NYSE:PFGC)

Research analysts at Morgan Stanley assumed coverage on shares of Performance Food Group (NYSE:PFGC) in a research report issued on Tuesday. The brokerage set an “overweight” rating on the food distribution company’s stock.

Other research analysts have also recently issued research reports about the company. Sanford C. Bernstein initiated coverage on Performance Food Group in a report on Wednesday, October 22nd. They issued an “outperform” rating and a $130.00 target price on the stock. UBS Group reaffirmed a “buy” rating and set a $120.00 price target on shares of Performance Food Group in a research report on Friday, December 19th. Wall Street Zen lowered Performance Food Group from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Guggenheim reaffirmed a “buy” rating on shares of Performance Food Group in a report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Performance Food Group in a report on Monday, December 29th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Performance Food Group presently has an average rating of “Moderate Buy” and a consensus price target of $118.22.

Performance Food Group Price Performance

Performance Food Group stock traded down $1.38 during mid-day trading on Tuesday, hitting $96.23. 293,346 shares of the company were exchanged, compared to its average volume of 2,090,886. Performance Food Group has a 12-month low of $68.39 and a 12-month high of $109.05. The company has a market capitalization of $15.09 billion, a P/E ratio of 46.26, a PEG ratio of 1.19 and a beta of 0.93. The business’s 50 day simple moving average is $93.14 and its two-hundred day simple moving average is $97.80. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.67 and a quick ratio of 0.70.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings data on Wednesday, November 5th. The food distribution company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.02. Performance Food Group had a return on equity of 15.97% and a net margin of 0.50%.The business had revenue of $17.08 billion for the quarter, compared to analyst estimates of $16.87 billion. During the same quarter last year, the company earned $1.16 earnings per share. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts forecast that Performance Food Group will post 4.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Performance Food Group

Hedge funds have recently modified their holdings of the business. First Community Trust NA grew its stake in Performance Food Group by 11.7% during the 4th quarter. First Community Trust NA now owns 11,539 shares of the food distribution company’s stock valued at $1,038,000 after acquiring an additional 1,208 shares in the last quarter. BTC Capital Management Inc. lifted its position in Performance Food Group by 8.1% during the fourth quarter. BTC Capital Management Inc. now owns 5,931 shares of the food distribution company’s stock worth $534,000 after buying an additional 442 shares in the last quarter. Moody Lynn & Lieberson LLC boosted its stake in Performance Food Group by 5.2% during the fourth quarter. Moody Lynn & Lieberson LLC now owns 6,322 shares of the food distribution company’s stock worth $568,000 after buying an additional 310 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Performance Food Group by 37.7% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 441,146 shares of the food distribution company’s stock worth $39,668,000 after acquiring an additional 120,725 shares during the period. Finally, Retirement Systems of Alabama increased its position in Performance Food Group by 20.2% during the fourth quarter. Retirement Systems of Alabama now owns 227,554 shares of the food distribution company’s stock worth $20,462,000 after purchasing an additional 38,314 shares during the last quarter. 96.87% of the stock is currently 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.