Performance Food Group (NYSE:PFGC) Shares Cross Above Fifty Day Moving Average – Here’s Why

Shares of Performance Food Group Company (NYSE:PFGC) crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $96.17 and traded as high as $96.41. Performance Food Group shares last traded at $96.2380, with a volume of 984,696 shares.

Wall Street Analysts Forecast Growth

PFGC has been the subject of a number of research analyst reports. TD Cowen dropped their target price on shares of Performance Food Group from $115.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, October 15th. UBS Group decreased their price target on Performance Food Group from $132.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Citigroup upped their price target on Performance Food Group from $143.00 to $144.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. BMO Capital Markets restated an “outperform” rating on shares of Performance Food Group in a report on Thursday, August 13th. Finally, Morgan Stanley raised their price objective on Performance Food Group from $131.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Performance Food Group presently has an average rating of “Moderate Buy” and an average target price of $126.00.

Performance Food Group Trading Up 0.6%

The stock has a fifty day moving average price of $96.17 and a 200-day moving average price of $97.30.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings results on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.01). The company had revenue of $18.03 billion for the quarter, compared to analysts’ expectations of $18.11 billion. During the same quarter last year, the firm earned $0.84 EPS. The business’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, research analysts expect that Performance Food Group Company will post 5.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Performance Food Group

In related news, insider Donald S. Bulmer sold 10,535 shares of the company’s 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 directly owned 54,291 shares of the company’s stock, valued at approximately $5,749,416.90. This represents a 16.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erika T. Davis sold 8,008 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $104.21, for a total value of $834,513.68. Following the completion of the sale, the insider owned 43,986 shares of the company’s stock, valued at approximately $4,583,781.06. This represents a 15.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 41,459 shares of company stock worth $4,317,917. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PFGC. Cedar Mountain Advisors LLC purchased a new stake in shares of Performance Food Group during the 1st quarter valued at about $28,000. Asset Planning Inc purchased a new position in Performance Food Group in the 1st quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Performance Food Group in the 2nd quarter worth approximately $51,000. Transamerica Financial Advisors LLC acquired a new stake in Performance Food Group in the second quarter valued at approximately $54,000. Finally, Field & Main Bank acquired a new stake in Performance Food Group in the second quarter valued at approximately $56,000. Institutional investors and hedge funds own 96.87% of the company’s stock.

About Performance Food Group

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.