Performance Food Group (NYSE:PFGC) Reaches New 52-Week High - Here's What Happened

Shares of Performance Food Group Company (NYSE:PFGC - Get Free Report) reached a new 52-week high during mid-day trading on Saturday . The stock traded as high as $96.02 and last traded at $94.88, with a volume of 4637266 shares trading hands. The stock had previously closed at $90.43.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PFGC. Citigroup initiated coverage on shares of Performance Food Group in a research report on Thursday, May 22nd. They set a "buy" rating and a $121.00 price objective for the company. UBS Group raised their price target on shares of Performance Food Group from $103.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Morgan Stanley raised their price target on shares of Performance Food Group from $92.00 to $93.00 and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Barclays lifted their price objective on shares of Performance Food Group from $100.00 to $112.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Finally, Wall Street Zen downgraded shares of Performance Food Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th. Five equities research 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's stock. Based on data from MarketBeat, Performance Food Group has a consensus rating of "Moderate Buy" and a consensus target price of $100.08.

Performance Food Group Trading Up 4.9%

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 firm has a market capitalization of $14.81 billion, a PE ratio of 39.53, a P/E/G ratio of 1.27 and a beta of 1.15. The stock's 50-day simple moving average is $87.14 and its 200-day simple moving average is $83.76.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted 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 net margin of 0.61% and a return on equity of 16.17%. The firm had revenue of $15.31 billion for the quarter, compared to the consensus estimate of $15.41 billion. During the same period in the previous year, the firm posted $0.80 earnings per share. The business's revenue was up 10.5% compared to the same quarter last year. As a group, sell-side analysts expect that Performance Food Group Company will post 4.58 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Donald S. Bulmer sold 2,404 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $90.00, for a total value of $216,360.00. Following the transaction, the insider owned 51,350 shares in the company, valued at $4,621,500. The trade was a 4.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Erika T. Davis sold 8,200 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $89.72, for a total transaction of $735,704.00. Following the completion of the transaction, the insider owned 46,722 shares in the company, valued at approximately $4,191,897.84. This represents a 14.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,972 shares of company stock worth $5,964,073 over the last three months. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Capital World Investors raised its stake in shares of Performance Food Group by 0.7% in the fourth quarter. Capital World Investors now owns 21,878,285 shares of the food distribution company's stock worth $1,849,809,000 after purchasing an additional 157,987 shares during the last quarter. FMR LLC grew its holdings in shares of Performance Food Group by 0.6% in the fourth quarter. FMR LLC now owns 13,391,257 shares of the food distribution company's stock worth $1,132,231,000 after acquiring an additional 78,855 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Performance Food Group by 59.3% in the first quarter. Victory Capital Management Inc. now owns 6,229,169 shares of the food distribution company's stock worth $489,800,000 after acquiring an additional 2,318,763 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Performance Food Group by 40.8% in the first quarter. JPMorgan Chase & Co. now owns 5,187,869 shares of the food distribution company's stock worth $407,922,000 after acquiring an additional 1,503,703 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Performance Food Group by 1.5% in the first quarter. Wellington Management Group LLP now owns 3,966,667 shares of the food distribution company's stock worth $311,899,000 after acquiring an additional 57,032 shares during the period. Hedge funds and other institutional investors own 96.87% of the company's stock.

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.

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