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

Performance Food Group (NYSE:PFGC - Get Free Report) had its price objective increased by investment analysts at Morgan Stanley from $92.00 to $93.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the food distribution company's stock. Morgan Stanley's price target indicates a potential upside of 3.82% from the company's previous close.

A number of other research firms have also weighed in on PFGC. Sanford C. Bernstein set a $112.00 target price on shares of Performance Food Group and gave the stock an "overweight" rating in a report on Thursday. Citigroup assumed coverage on shares of Performance Food Group in a research report on Thursday, May 22nd. They set a "buy" rating and a $121.00 target price on the stock. Piper Sandler downgraded shares of Performance Food Group from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $92.00 to $90.00 in a report on Friday, February 7th. Truist Financial lowered their target price on shares of Performance Food Group from $104.00 to $101.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Barclays increased their target price on shares of Performance Food Group from $100.00 to $112.00 and gave the company an "overweight" rating in a report on Thursday. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Performance Food Group presently has an average rating of "Moderate Buy" and an average price target of $100.08.

Performance Food Group Stock Performance

Shares of PFGC stock traded up $0.29 during midday trading on Thursday, hitting $89.58. 1,204,432 shares of the company were exchanged, compared to its average volume of 1,120,639. The firm has a market capitalization of $13.98 billion, a P/E ratio of 36.12, a PEG ratio of 0.96 and a beta of 1.13. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.72 and a current ratio of 1.67. The firm's 50 day moving average price is $80.86 and its two-hundred day moving average price is $83.58. Performance Food Group has a 52 week low of $61.60 and a 52 week high of $92.44.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The food distribution company reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.07). Performance Food Group had a return on equity of 16.58% and a net margin of 0.64%. The business had revenue of $15.31 billion during the quarter, compared to analyst estimates of $15.41 billion. During the same quarter last year, the firm earned $0.80 EPS. Performance Food Group's revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Performance Food Group will post 4.58 earnings per share for the current year.

Insider Activity

In other Performance Food Group news, insider Erika T. Davis sold 8,200 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $89.72, for a total value of $735,704.00. Following the completion of the sale, the insider now owns 46,722 shares of the company's stock, valued at approximately $4,191,897.84. This trade represents a 14.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider A Brent King sold 12,866 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $90.02, for a total value of $1,158,197.32. Following the completion of the sale, the insider now directly owns 60,952 shares of the company's stock, valued at approximately $5,486,899.04. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,568 shares of company stock worth $5,747,713. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Performance Food Group

A number of institutional investors and hedge funds have recently modified their holdings of PFGC. Victory Capital Management Inc. lifted its holdings in shares of Performance Food Group by 154.2% during the fourth quarter. Victory Capital Management Inc. now owns 3,910,406 shares of the food distribution company's stock worth $330,625,000 after purchasing an additional 2,371,818 shares during the period. Norges Bank acquired a new stake in shares of Performance Food Group during the fourth quarter worth about $164,471,000. JPMorgan Chase & Co. lifted its holdings in shares of Performance Food Group by 40.8% during the first quarter. JPMorgan Chase & Co. now owns 5,187,869 shares of the food distribution company's stock worth $407,922,000 after purchasing an additional 1,503,703 shares during the period. Junto Capital Management LP lifted its holdings in shares of Performance Food Group by 419.9% during the fourth quarter. Junto Capital Management LP now owns 1,406,080 shares of the food distribution company's stock worth $118,884,000 after purchasing an additional 1,135,641 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Performance Food Group during the first quarter worth about $69,456,000. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Company Profile

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products.