Performance Food Group (NYSE:PFGC) Price Target Cut to $115.00 by Analysts at TD Cowen

Key Points

• TD Cowen cut Performance Food Group’s price target from $120 to $115 while maintaining a “buy” rating, implying 21.91% upside from the stock’s prior close.
• Analyst sentiment remains positive: 12 analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $126.40.
• Performance Food Group’s latest quarter showed 6.7% year-over-year revenue growth to $18.03 billion, though earnings per share of $1.59 and revenue narrowly missed analyst estimates.

Performance Food Group (NYSE:PFGC - Get Free Report) had its target price cut by equities research analysts at TD Cowen from $120.00 to $115.00 in a report released on Friday, Benzinga reports. The firm presently has a "buy" rating on the food distribution company's stock. TD Cowen's target price points to a potential upside of 21.91% from the stock's previous close.

A number of other research firms also recently commented on PFGC. Wells Fargo & Company increased their price objective on Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Weiss Ratings upgraded shares of Performance Food Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 27th. Citigroup boosted their target price on shares of Performance Food Group from $143.00 to $144.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Guggenheim increased their price target on shares of Performance Food Group from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Finally, Morgan Stanley raised their price target on shares of Performance Food Group from $120.00 to $131.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Twelve research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Performance Food Group presently has an average rating of "Moderate Buy" and a consensus target price of $126.40.

Performance Food Group Price Performance

PFGC opened at $94.33 on Friday. The stock has a fifty day moving average price of $108.04 and a 200 day moving average price of $98.73. The company has a current ratio of 1.51, a quick ratio of 0.67 and a debt-to-equity ratio of 1.34. Performance Food Group has a 1 year low of $80.82 and a 1 year high of $117.47. The stock has a market cap of $14.86 billion, a price-to-earnings ratio of 41.19, a PEG ratio of 1.22 and a beta of 0.88.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.01). The firm had revenue of $18.03 billion during the quarter, compared to analyst estimates of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The business's revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. Analysts forecast that Performance Food Group will post 5.6 EPS for the current fiscal year.

Insider Activity

In other news, insider A. King sold 1,320 shares of Performance Food Group stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total value of $138,982.80. Following the transaction, the insider owned 44,216 shares of the company's stock, valued at $4,655,502.64. This trade represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chasity D. Grosh sold 643 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $104.42, for a total transaction of $67,142.06. Following the completion of the sale, the insider owned 7,222 shares of the company's stock, valued at $754,121.24. The trade was a 8.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 43,049 shares of company stock valued at $4,510,505. Insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC bought a new position in Performance Food Group in the 2nd quarter worth $267,000. WINTON GROUP Ltd acquired a new position in Performance Food Group during the 2nd quarter worth $7,460,000. Engineers Gate Manager LP boosted its holdings in Performance Food Group by 77.2% during the second quarter. Engineers Gate Manager LP now owns 384,143 shares of the food distribution company's stock valued at $42,943,000 after acquiring an additional 167,361 shares during the period. Cidel Asset Management Inc. grew its position in shares of Performance Food Group by 10.9% in the second quarter. Cidel Asset Management Inc. now owns 2,630 shares of the food distribution company's stock valued at $294,000 after purchasing an additional 258 shares during the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of Performance Food Group by 337.1% in the second quarter. NewEdge Advisors LLC now owns 2,710 shares of the food distribution company's stock valued at $303,000 after purchasing an additional 2,090 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 food and food-related products distributor serving businesses across the United States and Canada. The company supplies restaurants, foodservice operators, schools, healthcare facilities, hospitality businesses, vending and entertainment venues, and convenience stores.

Performance Food Group operates through three primary businesses: Foodservice, Vistar and Convenience. Its offerings include fresh and frozen foods, dry groceries, beverages, ingredients, disposable supplies, and specialty products such as candy, snacks and theater concessions.

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