Performance Food Group (NYSE:PFGC) Reaches New 1-Year High - Here's What Happened

Key Points

• Performance Food Group shares reached a new 52-week high of $101.22 amid high trading volume, indicating strong market interest.
• Analysts have varying outlooks on the stock; Citigroup and Sanford C. Bernstein set target prices of $121.00 and $112.00 respectively, while other analysts have lower price targets, contributing to a consensus rating of "Moderate Buy."
• Insider trading activity showed significant sales, with two executives selling large amounts of shares, indicating potential caution despite the stock's upward trend.

Shares of Performance Food Group Company (NYSE:PFGC - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $101.22 and last traded at $100.12, with a volume of 2146852 shares. The stock had previously closed at $99.45.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PFGC. Citigroup initiated coverage on Performance Food Group in a report on Thursday, May 22nd. They issued a "buy" rating and a $121.00 target price on the stock. Sanford C. Bernstein set a $112.00 price objective on Performance Food Group and gave the company an "overweight" rating in a research note on Thursday, May 29th. Morgan Stanley increased their target price on shares of Performance Food Group from $93.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Wall Street Zen lowered shares of Performance Food Group from a "buy" rating to a "hold" rating in a report on Sunday, July 6th. Finally, Truist Financial dropped their price objective on shares of Performance Food Group from $104.00 to $101.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

Performance Food Group Price Performance

The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.73 and a current ratio of 1.61. The business's fifty day simple moving average is $90.94 and its 200 day simple moving average is $85.15. The stock has a market cap of $15.68 billion, a price-to-earnings ratio of 41.86, a price-to-earnings-growth ratio of 1.39 and a beta of 1.20.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The food distribution company reported $0.79 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.07). Performance Food Group had a return on equity of 16.17% and a net margin of 0.61%. 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 posted $0.80 EPS. The company's revenue was up 10.5% compared to the same quarter last year. Research analysts predict that Performance Food Group Company will post 4.58 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Donald S. Bulmer sold 2,404 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $90.00, for a total value of $216,360.00. Following the completion of the sale, the insider directly owned 51,350 shares of the company's stock, valued at $4,621,500. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hugh Patrick Hatcher sold 2,000 shares of the company's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $95.00, for a total value of $190,000.00. Following the sale, the insider owned 35,239 shares in the company, valued at $3,347,705. The trade was a 5.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,172 shares of company stock valued at $7,534,748. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Performance Food Group

A number of institutional investors have recently made changes to their positions in the company. AlphaQuest LLC grew its position in Performance Food Group by 658.0% in the 2nd quarter. AlphaQuest LLC now owns 379 shares of the food distribution company's stock valued at $33,000 after buying an additional 329 shares in the last quarter. CENTRAL TRUST Co boosted its holdings in Performance Food Group by 476.5% during the first quarter. CENTRAL TRUST Co now owns 490 shares of the food distribution company's stock worth $39,000 after buying an additional 405 shares in the last quarter. Farther Finance Advisors LLC grew its position in Performance Food Group by 203.7% in the first quarter. Farther Finance Advisors LLC now owns 498 shares of the food distribution company's stock worth $40,000 after buying an additional 334 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Performance Food Group in the first quarter worth approximately $44,000. Finally, SVB Wealth LLC purchased a new position in shares of Performance Food Group in the first quarter worth approximately $59,000. 96.87% of the stock is currently owned by institutional investors.

About Performance Food Group

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.