Performance Food Group (NYSE:PFGC) Shares Cross Above Fifty Day Moving Average - Here's Why

Key Points

• Performance Food Group (NYSE:PFGC) moved above its 50-day moving average on Friday, with shares trading as high as $114.85 and last changing hands around $111.82.
• Wall Street sentiment remains positive: analysts have issued multiple buy/overweight ratings, and the consensus price target is $123.09.
• The company recently reported better-than-expected quarterly results, including EPS of $0.80 versus $0.77 expected and revenue of $16.29 billion, while insiders have also been selling shares in recent months.

Performance Food Group Company (NYSE:PFGC - Get Free Report) passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $103.18 and traded as high as $114.85. Performance Food Group shares last traded at $111.8240, with a volume of 1,438,141 shares changing hands.

Wall Street Analyst Weigh In

PFGC has been the subject of a number of analyst reports. Citigroup lifted their price objective on Performance Food Group from $130.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $123.00 target price on shares of Performance Food Group in a research note on Thursday, May 7th. Guggenheim raised their target price on Performance Food Group from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, June 29th. Barclays boosted their target price on Performance Food Group from $105.00 to $115.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Morgan Stanley increased their price target on shares of Performance Food Group from $120.00 to $131.00 and gave the company an "overweight" rating in a research report on Wednesday. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $123.09.

Performance Food Group Stock Performance

The stock has a market capitalization of $17.57 billion, a P/E ratio of 53.25, a P/E/G ratio of 1.42 and a beta of 0.91. The stock has a 50 day simple moving average of $103.18 and a two-hundred day simple moving average of $95.14. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. The company had revenue of $16.29 billion for 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 quarter in the prior year, the business posted $0.79 EPS. On average, equities analysts forecast that Performance Food Group Company will post 4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider A Brent King sold 6,111 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $105.00, for a total value of $641,655.00. Following the transaction, the insider directly owned 44,260 shares of the company's stock, valued at $4,647,300. This represents a 12.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the firm'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 directly owned 44,655 shares in the company, valued at approximately $4,221,683.70. This represents a 6.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 30,187 shares of company stock worth $3,027,315. Company insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PFGC. Cedar Mountain Advisors LLC bought a new position in shares of Performance Food Group during the first quarter valued at about $28,000. Asset Planning Inc purchased a new stake in Performance Food Group in the 1st quarter valued at about $35,000. Torren Management LLC purchased a new stake in Performance Food Group in the 4th quarter valued at about $41,000. Lloyd Advisory Services LLC. bought a new position in shares of Performance Food Group during the 4th quarter worth approximately $43,000. Finally, Clearstead Advisors LLC boosted its stake in shares of 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 buying an additional 335 shares during the last quarter. Institutional investors 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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