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

Key Points

• Performance Food Group hit a new 52-week high, trading as high as $109.08 after closing previously at $107.27, and finished the session up about 1%.
• Recent analyst activity has been mostly positive, with several firms maintaining or raising targets; the stock now carries a Moderate Buy consensus and an average price target of $119.
• The company’s latest earnings topped expectations, reporting $0.80 EPS on $16.29 billion in revenue, while revenue grew 6.4% year over year; however, insiders have also sold shares in recent months.

Performance Food Group Company (NYSE:PFGC - Get Free Report) shares hit a new 52-week high during trading on Friday . The company traded as high as $109.08 and last traded at $108.95, with a volume of 279697 shares. The stock had previously closed at $107.27.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PFGC. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $123.00 price target on shares of Performance Food Group in a research report on Thursday, May 7th. Weiss Ratings restated a "hold (c)" rating on shares of Performance Food Group in a research report on Wednesday. Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Citigroup lifted their target price on shares of Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, Barclays boosted their target price on shares of Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $119.00.

Performance Food Group Stock Up 1.0%

The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40. The business has a 50-day simple moving average of $96.10 and a 200-day simple moving average of $92.93. The company has a market cap of $17.03 billion, a PE ratio of 51.61, a P/E/G ratio of 1.67 and a beta of 0.93.

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 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. The business had revenue of $16.29 billion during the quarter, compared to analysts' expectations of $16.17 billion. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The business's revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 earnings per share. Equities research analysts anticipate that Performance Food Group Company will post 4.57 EPS for the current year.

Insider Activity at Performance Food Group

In other news, Director Kimberly Grant sold 2,500 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total transaction of $237,500.00. Following the completion of the sale, the director owned 11,935 shares of the company's stock, valued at $1,133,825. The trade was a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 of the company's stock, valued at approximately $4,221,683.70. This trade represents a 6.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 27,592 shares of company stock worth $2,741,865 in the last ninety days. 4.50% of the stock is owned by company insiders.

Institutional Trading of Performance Food Group

A number of institutional investors have recently made changes to their positions in the company. Amundi lifted its holdings in Performance Food Group by 154.3% in the 1st quarter. Amundi now owns 5,905 shares of the food distribution company's stock valued at $506,000 after purchasing an additional 3,583 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Performance Food Group by 23.8% during the first quarter. California State Teachers Retirement System now owns 183,693 shares of the food distribution company's stock worth $15,735,000 after buying an additional 35,328 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Performance Food Group by 15.8% in the first quarter. The Manufacturers Life Insurance Company now owns 104,201 shares of the food distribution company's stock valued at $8,926,000 after buying an additional 14,241 shares during the last quarter. Luxor Capital Group LP purchased a new position in shares of Performance Food Group in the first quarter worth about $32,397,000. Finally, Bollard Group LLC purchased a new position in shares of Performance Food Group in the first quarter worth about $2,346,000. 96.87% of the stock is owned by institutional investors and hedge funds.

About Performance Food Group

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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