Performance Food Group (NYSE:PFGC) Stock Price Expected to Rise, Citigroup Analyst Says

Key Points

• Citigroup raised its price target on Performance Food Group to $141 from $127 and maintained a Buy rating, implying 31.29% potential upside from the stock’s current price.
• Analyst sentiment is broadly positive: 11 analysts rate the stock Buy and two Hold, giving it a Moderate Buy consensus and an average price target of $128.40.
• Performance Food Group beat quarterly earnings expectations, reporting EPS of $1.32 versus $1.27 expected, while revenue of $18.02 billion matched estimates and rose 5.5% year over year. Shares fell 2.1% on Friday to $107.39.

Performance Food Group (NYSE:PFGC - Get Free Report) had its price target boosted by equities researchers at Citigroup from $127.00 to $141.00 in a report issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the food distribution company's stock. Citigroup's price objective would indicate a potential upside of 31.29% from the company's current price.

PFGC has been the subject of several other reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $133.00 target price on shares of Performance Food Group in a report on Thursday, August 13th. Sanford C. Bernstein upped their price objective on Performance Food Group from $130.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday. UBS Group increased their target price on Performance Food Group from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Thursday. Morgan Stanley raised their target price 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. Finally, Weiss Ratings downgraded shares of Performance Food Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, October 9th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $128.40.

Performance Food Group Stock Down 2.1%

Shares of PFGC stock traded down $2.29 during trading hours on Friday, hitting $107.39. 2,930,214 shares of the company were exchanged, compared to its average volume of 1,879,580. The stock has a market capitalization of $16.92 billion, a price-to-earnings ratio of 42.79, a P/E/G ratio of 1.41 and a beta of 0.91. Performance Food Group has a one year low of $80.82 and a one year high of $117.47. The business's 50-day simple moving average is $95.73 and its two-hundred day simple moving average is $97.58. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.67 and a current ratio of 1.61.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its earnings results on Wednesday, November 4th. The food distribution company reported $1.32 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.05. Performance Food Group had a return on equity of 15.25% and a net margin of 0.57%. The company had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $18.02 billion. During the same quarter last year, the business posted $0.60 EPS. Performance Food Group's quarterly revenue was up 5.5% compared to the same quarter last year. Sell-side analysts predict that Performance Food Group will post 5.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Donald S. Bulmer sold 1,353 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total value of $142,457.37. Following the sale, the insider owned 52,938 shares of the company's stock, valued at approximately $5,573,842.02. The trade was a 2.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Erika T. Davis sold 1,320 shares of the company's stock in a transaction 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 completion of the sale, the insider owned 40,402 shares of the company's stock, valued at approximately $4,253,926.58. This trade represents a 3.16% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 41,459 shares of company stock worth $4,317,917. Company insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PFGC. Allworth Financial LP increased its holdings in shares of Performance Food Group by 52.0% during the third quarter. Allworth Financial LP now owns 3,742 shares of the food distribution company's stock worth $342,000 after buying an additional 1,280 shares in the last quarter. Maryland State Retirement & Pension System boosted its holdings in shares of Performance Food Group by 15.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 8,765 shares of the food distribution company's stock valued at $802,000 after acquiring an additional 1,156 shares in the last quarter. Ritholtz Wealth Management bought a new stake in Performance Food Group during the 3rd quarter worth $232,000. Machina Capital S.A.S. bought a new stake in Performance Food Group during the 3rd quarter worth $1,101,000. Finally, Illinois Municipal Retirement Fund increased its holdings in Performance Food Group by 0.6% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 95,767 shares of the food distribution company's stock worth $8,764,000 after purchasing an additional 609 shares in the last quarter. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Company Profile

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.

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