Performance Food Group (NYSE:PFGC) Raised to “Strong-Buy” at TD Cowen

Performance Food Group (NYSE:PFGC) was upgraded by stock analysts at TD Cowen to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also commented on the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $123.00 target price on shares of Performance Food Group in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Performance Food Group in a research report on Wednesday, June 24th. Barclays raised their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Guggenheim raised their target price on Performance Food Group from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Finally, Citigroup increased their price target on Performance Food Group from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $120.73.

Performance Food Group Trading Up 1.7%

NYSE:PFGC opened at $115.63 on Tuesday. Performance Food Group has a 12 month low of $80.82 and a 12 month high of $116.42. The firm has a fifty day simple moving average of $99.64 and a 200-day simple moving average of $94.00. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $18.16 billion, a P/E ratio of 55.06, a PEG ratio of 1.42 and a beta of 0.91.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. The company had revenue of $16.29 billion during the quarter, compared to analyst estimates of $16.17 billion. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $0.79 EPS. On average, equities research analysts anticipate that Performance Food Group will post 4.57 earnings per share for the current year.

Insider Activity

In other news, insider Erika T. Davis sold 2,595 shares of Performance Food Group stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $110.00, for a total transaction of $285,450.00. Following the sale, the insider owned 40,446 shares of the company’s stock, valued at approximately $4,449,060. The trade was a 6.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hugh Patrick Hatcher sold 3,000 shares of Performance Food Group stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total value of $283,620.00. Following the completion of the sale, the insider owned 44,655 shares in the company, valued at $4,221,683.70. This represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 30,187 shares of company stock worth $3,027,315. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Performance Food Group

Several hedge funds have recently bought and sold shares of PFGC. GAMMA Investing LLC grew its position in Performance Food Group by 12.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,913 shares of the food distribution company’s stock valued at $437,000 after acquiring an additional 440 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Performance Food Group during the second quarter worth about $82,000. CX Institutional boosted its stake in shares of Performance Food Group by 3.3% in the second quarter. CX Institutional now owns 22,026 shares of the food distribution company’s stock valued at $2,462,000 after purchasing an additional 694 shares during the period. Amundi boosted its stake in shares of Performance Food Group by 154.3% in the first quarter. Amundi now owns 5,905 shares of the food distribution company’s stock valued at $506,000 after purchasing an additional 3,583 shares during the period. Finally, California State Teachers Retirement System grew its holdings in shares of Performance Food Group by 23.8% in the first quarter. California State Teachers Retirement System now owns 183,693 shares of the food distribution company’s stock valued at $15,735,000 after purchasing an additional 35,328 shares in the last quarter. Institutional investors and hedge funds own 96.87% of the company’s stock.

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.