Performance Food Group Company (NYSE:PFGC) Stock Has Consensus Target Price of $126.00 According to Brokerages

Key Points

• Analysts maintain a positive outlook: Thirteen brokerages give Performance Food Group a consensus “Moderate Buy” rating, with eleven buys and two holds. The average 12-month price target is $126, above the stock’s recent $94.63 price.
• Recent results slightly missed expectations: The company reported quarterly EPS of $1.59 versus the $1.60 consensus estimate, while revenue reached $18.03 billion, up 6.7% year over year but below estimates.
• Institutional ownership is high: Hedge funds and other institutions own approximately 96.87% of PFGC shares, while company insiders have sold 41,459 shares worth about $4.32 million over the past 90 days.

Shares of Performance Food Group Company (NYSE:PFGC - Get Free Report) have been given an average rating of "Moderate Buy" by the thirteen brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $126.00.

Several brokerages have recently commented on PFGC. Morgan Stanley upped their price target 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. TD Cowen lowered their price target on Performance Food Group from $115.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, October 15th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $133.00 target price on shares of Performance Food Group in a research report on Thursday, August 13th. BMO Capital Markets restated an "outperform" rating on shares of Performance Food Group in a research note on Thursday, August 13th. Finally, UBS Group reduced their price target on Performance Food Group from $132.00 to $130.00 and set a "buy" rating for the company in a report on Friday, August 14th.

Insiders Place Their Bets

In related news, insider Chasity D. Grosh sold 1,005 shares of the stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $92.40, for a total value of $92,862.00. Following the sale, the insider directly owned 5,783 shares of the company's stock, valued at approximately $534,349.20. This represents a 14.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Hugh Hatcher sold 3,000 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $99.18, for a total value of $297,540.00. Following the completion of the sale, the insider owned 58,167 shares in the company, valued at $5,769,003.06. This represents a 4.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 41,459 shares of company stock worth $4,317,917. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Performance Food Group

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Performance Food Group during the second quarter valued at about $1,576,983,000. Corient Private Wealth LP acquired a new stake in Performance Food Group during the 2nd quarter worth approximately $3,533,000. Engineers Gate Manager LP increased its position in Performance Food Group by 77.2% during the 2nd quarter. Engineers Gate Manager LP now owns 384,143 shares of the food distribution company's stock worth $42,943,000 after purchasing an additional 167,361 shares in the last quarter. Hsbc Holdings PLC raised its holdings in Performance Food Group by 30.9% in the fourth quarter. Hsbc Holdings PLC now owns 48,951 shares of the food distribution company's stock valued at $4,408,000 after buying an additional 11,569 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in Performance Food Group in the second quarter valued at approximately $7,460,000. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Price Performance

Shares of PFGC stock opened at $94.63 on Monday. 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 $14.91 billion, a P/E ratio of 41.33, a PEG ratio of 1.22 and a beta of 0.87. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67. The stock's 50-day moving average is $96.39 and its 200 day moving average is $99.97.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced 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 net margin of 0.53% and a return on equity of 15.15%. The business had revenue of $18.03 billion for the quarter, compared to analyst estimates of $18.11 billion. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The business's revenue was up 6.7% on a year-over-year basis. Research analysts predict that Performance Food Group will post 5.58 earnings per share for the current fiscal year.

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.

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