Performance Food Group (NYSE:PFGC) Shares Gap Down Following Weak Earnings

Performance Food Group Company (NYSE:PFGC)’s stock price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $97.09, but opened at $87.59. Performance Food Group shares last traded at $83.90, with a volume of 877,961 shares changing hands.

The food distribution company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.09). Performance Food Group had a net margin of 0.50% and a return on equity of 15.97%. The business had revenue of $16.44 billion during the quarter, compared to the consensus estimate of $16.54 billion. During the same quarter in the previous year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms recently weighed in on PFGC. Guggenheim reissued a “buy” rating on shares of Performance Food Group in a research note on Thursday, December 18th. UBS Group reiterated a “buy” rating and set a $120.00 target price on shares of Performance Food Group in a research report on Friday, December 19th. Piper Sandler cut their target price on Performance Food Group from $116.00 to $111.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. Citigroup cut their price objective on Performance Food Group from $134.00 to $127.00 and set a “buy” rating on the stock in a report on Wednesday, January 7th. Finally, Morgan Stanley set a $123.00 target price on shares of Performance Food Group in a research report on Tuesday, January 20th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Performance Food Group currently has an average rating of “Moderate Buy” and a consensus price target of $118.22.

Institutional Investors Weigh In On Performance Food Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its position in shares of Performance Food Group by 30.3% during 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 in the last quarter. Empowered Funds LLC bought a new stake in Performance Food Group during the 1st quarter valued at $359,000. QRG Capital Management Inc. raised its position in Performance Food Group by 8.5% during the 2nd quarter. QRG Capital Management Inc. now owns 5,053 shares of the food distribution company’s stock valued at $442,000 after purchasing an additional 397 shares during the last quarter. DAVENPORT & Co LLC increased its stake in shares of Performance Food Group by 8.1% during the second quarter. DAVENPORT & Co LLC now owns 5,671 shares of the food distribution company’s stock valued at $496,000 after buying an additional 425 shares during the period. Finally, Valeo Financial Advisors LLC boosted its holdings in Performance Food Group by 7.7% in the second quarter. Valeo Financial Advisors LLC now owns 3,510 shares of the food distribution company’s stock valued at $307,000 after acquiring an additional 250 shares in the last quarter. 96.87% of the stock is currently owned by institutional investors.

Performance Food Group Stock Performance

The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.70 and a current ratio of 1.67. The company’s 50-day moving average price is $93.23 and its 200 day moving average price is $97.94. The stock has a market capitalization of $13.12 billion, a PE ratio of 39.78, a PEG ratio of 1.14 and a beta of 0.93.

Performance Food Group Company Profile

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.