Performance Food Group (NYSE:PFGC) Hits New 52-Week High - Still a Buy?

Key Points

• Performance Food Group shares reached a new 52-week high of $116.61, up from a previous close of $114.30. The stock trades above its 50-day and 200-day moving averages, at $105.04 and $96.11, respectively.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $123.82. Several firms recently raised their targets, including Citigroup to $143 and Morgan Stanley to $131.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.80 versus $0.77 expected and revenue of $16.29 billion, up 6.4% year over year. However, insiders sold 30,187 shares worth approximately $3.03 million over the past three months.

Performance Food Group Company (NYSE:PFGC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $116.61 and last traded at $116.4250, with a volume of 18641 shares. The stock had previously closed at $114.30.

Wall Street Analyst Weigh In

A number of brokerages have commented on PFGC. Wells Fargo & Company raised their price target on shares of Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Zacks Research upgraded Performance Food Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Citigroup increased their target price on Performance Food Group from $135.00 to $143.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Morgan Stanley raised their target price on Performance Food Group from $120.00 to $131.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Guggenheim upped their price target on Performance Food Group from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Monday, June 29th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $123.82.

Performance Food Group Stock Up 1.2%

The business's 50 day moving average price is $105.04 and its 200-day moving average price is $96.11. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.52 and a quick ratio of 0.68. The company has a market cap of $18.17 billion, a P/E ratio of 55.13, a PEG ratio of 1.40 and a beta of 0.91.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $16.29 billion for the quarter, compared to analyst estimates of $16.17 billion. During the same period in the prior year, the company earned $0.79 EPS. Performance Food Group's revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts anticipate that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Erika T. Davis sold 2,595 shares of Performance Food Group stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $110.00, for a total value of $285,450.00. Following the completion of the transaction, the insider directly owned 40,446 shares of the company's stock, valued at $4,449,060. The trade was a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $94.54, for a total transaction of $283,620.00. Following the transaction, the insider owned 44,655 shares in the company, valued at approximately $4,221,683.70. This trade represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,187 shares of company stock worth $3,027,315 in the last three months. Company insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Performance Food Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFGC. Cedar Mountain Advisors LLC bought a new position in shares of Performance Food Group in the first quarter worth about $28,000. Asset Planning Inc bought a new stake in shares of Performance Food Group during the first quarter valued at approximately $35,000. Torren Management LLC acquired a new stake in shares of Performance Food Group in the fourth quarter valued at approximately $41,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Performance Food Group in the fourth quarter valued at approximately $43,000. Finally, Clearstead Advisors LLC raised its position in Performance Food Group by 132.9% in the 4th quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company's stock worth $53,000 after purchasing an additional 335 shares during the last quarter. Institutional investors and hedge funds 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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