Performance Food Group (NYSE:PFGC) Hits New 1-Year High - What's Next?

Performance Food Group Company (NYSE:PFGC - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $100.46 and last traded at $99.18, with a volume of 2769996 shares changing hands. The stock had previously closed at $99.91.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PFGC. UBS Group increased their price target on Performance Food Group from $103.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Sanford C. Bernstein set a $112.00 price target on Performance Food Group and gave the company an "overweight" rating in a research report on Thursday, May 29th. Truist Financial cut their price objective on 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. Barclays raised their price objective on Performance Food Group from $100.00 to $112.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Morgan Stanley raised their price objective on Performance Food Group from $93.00 to $96.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $100.31.

Performance Food Group Stock Performance

The company has a market cap of $15.40 billion, a PE ratio of 41.11, a P/E/G ratio of 1.39 and a beta of 1.15. The company has a current ratio of 1.61, a quick ratio of 0.73 and a debt-to-equity ratio of 1.49. The business has a fifty day moving average of $88.65 and a 200-day moving average of $84.22.

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 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.07). The firm had revenue of $15.31 billion for the quarter, compared to the consensus estimate of $15.41 billion. Performance Food Group had a net margin of 0.61% and a return on equity of 16.17%. Performance Food Group's quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.80 earnings per share. Equities research analysts anticipate that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider Donald S. Bulmer sold 2,404 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $90.00, for a total value of $216,360.00. Following the sale, the insider directly owned 51,350 shares of the company's stock, valued at approximately $4,621,500. This represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erika T. Davis sold 8,200 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $89.72, for a total transaction of $735,704.00. Following the transaction, the insider owned 46,722 shares of the company's stock, valued at approximately $4,191,897.84. This trade represents a 14.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,172 shares of company stock valued at $7,534,748 over the last 90 days. Insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Performance Food Group

A number of hedge funds and other institutional investors have recently modified their holdings of PFGC. Victory Capital Management Inc. boosted its holdings in Performance Food Group by 59.3% during 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 buying an additional 2,318,763 shares in the last quarter. Norges Bank acquired a new stake in shares of Performance Food Group in the fourth quarter worth $164,471,000. JPMorgan Chase & Co. boosted its stake 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 valued at $407,922,000 after purchasing an additional 1,503,703 shares during the period. Junto Capital Management LP boosted its stake in shares of Performance Food Group by 419.9% in the fourth quarter. Junto Capital Management LP now owns 1,406,080 shares of the food distribution company's stock valued at $118,884,000 after purchasing an additional 1,135,641 shares during the period. Finally, Nuveen LLC bought a new position in Performance Food Group during the 1st quarter valued at $69,456,000. 96.87% of the stock is currently owned by institutional investors and hedge funds.

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.