Performance Food Group (NYSE:PFGC) Hits New 12-Month High - What's Next?

Key Points

• Performance Food Group hit a new 52-week high, trading as high as $116.42 and ending the session up about 1.7%.
• Analyst sentiment remains positive overall, with the stock carrying a Moderate Buy consensus and a consensus price target of $120.73. Recent coverage included buy ratings from TD Cowen and Citigroup, while Barclays also lifted its target price.
• The company’s latest earnings topped expectations, with $0.80 EPS on $16.29 billion in revenue, both ahead of estimates. Revenue rose 6.4% year over year, though insiders have recently sold shares.

Performance Food Group Company (NYSE:PFGC - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $116.42 and last traded at $115.6280, with a volume of 1524072 shares traded. The stock had previously closed at $113.74.

Analyst Ratings Changes

PFGC has been the subject of a number of analyst reports. TD Cowen assumed coverage on shares of Performance Food Group in a research note on Monday. They issued a "buy" rating and a $128.00 target price for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Performance Food Group in a research note on Wednesday, June 24th. Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Barclays raised their target price on Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Finally, Citigroup increased their price objective on Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.73.

Performance Food Group Trading Up 1.7%

The company has a market capitalization of $18.16 billion, a P/E ratio of 55.06, a P/E/G ratio of 1.42 and a beta of 0.91. The company has a 50-day simple moving average of $99.64 and a 200 day simple moving average of $94.00. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.68 and a current ratio of 1.52.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The company had revenue of $16.29 billion during the quarter, compared to analysts' expectations of $16.17 billion. During the same period in the prior year, the business earned $0.79 earnings per share. Performance Food Group's revenue for the quarter was up 6.4% compared to the same quarter last year. Sell-side analysts expect that Performance Food Group Company will post 4.57 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Hugh Patrick Hatcher sold 3,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total transaction of $283,620.00. Following the completion of the sale, the insider owned 44,655 shares in the company, valued at $4,221,683.70. This trade represents a 6.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kimberly Grant sold 2,500 shares of the company's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $95.00, for a total transaction of $237,500.00. Following the sale, the director directly owned 11,935 shares in the company, valued at $1,133,825. This represents a 17.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 30,187 shares of company stock valued at $3,027,315. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Performance Food Group

Institutional investors have recently bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Performance Food Group by 0.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,362 shares of the food distribution company's stock valued at $3,372,000 after buying an additional 121 shares during the last quarter. HB Wealth Management LLC increased its position in Performance Food Group by 3.8% in the 1st quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company's stock valued at $285,000 after acquiring an additional 122 shares in the last quarter. Arax Advisory Partners raised its stake in shares of Performance Food Group by 7.4% in the fourth quarter. Arax Advisory Partners now owns 2,043 shares of the food distribution company's stock worth $184,000 after acquiring an additional 140 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Performance Food Group by 16.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the food distribution company's stock worth $91,000 after acquiring an additional 143 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of Performance Food Group by 4.6% during the third quarter. US Bancorp DE now owns 3,283 shares of the food distribution company's stock worth $342,000 after purchasing an additional 144 shares in the last quarter. Institutional investors own 96.87% of the company's stock.

Performance Food Group Company Profile

Performance Food Group Company NYSE: PFGC is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.

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