Performance Food Group (NYSE:PFGC) Stock Gets Price Target Reduction from TD Cowen

Performance Food Group (NYSE:PFGC) had its price objective reduced by TD Cowen from $115.00 to $110.00 in a research note issued to investors on Thursday morning,Benzinga reports. TD Cowen currently has a buy rating on the food distribution company’s stock.

Several other brokerages have also recently weighed in on PFGC. UBS Group lowered their price objective on shares of 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 raised their price objective on shares of Performance Food Group from $143.00 to $144.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Morgan Stanley boosted their target price on shares of Performance Food Group from $131.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Performance Food Group in a report on Thursday, August 13th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Performance Food Group in a report on Thursday, August 13th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Performance Food Group currently has a consensus rating of “Moderate Buy” and an average price target of $126.40.

Performance Food Group Trading Up 0.5%

Shares of NYSE:PFGC opened at $97.75 on Thursday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67. Performance Food Group has a 1 year low of $80.82 and a 1 year high of $117.47. The company has a market cap of $15.40 billion, a P/E ratio of 42.69, a PEG ratio of 1.25 and a beta of 0.87. The stock’s fifty day moving average price is $97.66 and its 200-day moving average price is $99.44.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data 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). Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%. The business had revenue of $18.03 billion during the quarter, compared to the consensus estimate of $18.11 billion. During the same quarter in the previous year, the business posted $0.84 earnings per share. Performance Food Group’s quarterly revenue was up 6.7% compared to the same quarter last year. Sell-side analysts expect that Performance Food Group will post 5.60 earnings per share for the current year.

Insider Activity

In other news, insider Donald S. Bulmer sold 10,535 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $105.90, for a total value 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 $5,749,416.90. This represents a 16.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider A. King sold 8,023 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $104.21, for a total transaction of $836,076.83. Following the sale, the insider owned 47,800 shares in the company, valued at $4,981,238. The trade was a 14.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 41,459 shares of company stock worth $4,317,917 over the last ninety days. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. IFP Advisors Inc raised its stake in Performance Food Group by 787.9% in the third quarter. IFP Advisors Inc now owns 2,131 shares of the food distribution company’s stock worth $195,000 after buying an additional 1,891 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in shares of Performance Food Group in the 3rd quarter worth $249,000. Davidson Capital Management Inc. raised its position in shares of Performance Food Group by 1.5% in the 3rd quarter. Davidson Capital Management Inc. now owns 15,725 shares of the food distribution company’s stock worth $1,439,000 after acquiring an additional 234 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Performance Food Group by 241.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 481,018 shares of the food distribution company’s stock worth $44,018,000 after acquiring an additional 340,227 shares in the last quarter. Finally, Curated Wealth Partners LLC purchased a new stake in shares of Performance Food Group during the 3rd quarter worth $539,000. Institutional investors own 96.87% of the company’s stock.

Performance Food Group Company Profile

Performance Food Group Co (NYSE:PFGC) is a foodservice and convenience distribution company headquartered in Richmond, Virginia. Through its operating businesses, the company supplies food and related products to restaurants, foodservice operators, convenience stores and other commercial customers across the United States and Canada.

PFGC’s foodservice operations distribute a broad selection of center-of-the-plate foods, fresh and frozen products, produce, beverages, disposables, cleaning supplies and other restaurant essentials.