Performance Food Group (NYSE:PFGC) Shares Gap Up - Here's Why

Shares of Performance Food Group (NYSE:PFGC - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $86.15, but opened at $88.13. Performance Food Group shares last traded at $88.74, with a volume of 164,629 shares traded.

Analyst Upgrades and Downgrades

Several analysts have commented on PFGC shares. Barclays upped their target price on shares of Performance Food Group from $95.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Citigroup started coverage on shares of Performance Food Group in a research report on Thursday, May 22nd. They set a "buy" rating for the company. Piper Sandler cut shares of Performance Food Group from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $92.00 to $90.00 in a research report on Friday, February 7th. Finally, Truist Financial dropped their target price 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 research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $95.55.

Performance Food Group Stock Performance

The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.72 and a current ratio of 1.67. The stock's 50-day moving average is $80.15 and its 200 day moving average is $83.51. The firm has a market cap of $13.87 billion, a P/E ratio of 35.79, a PEG ratio of 0.96 and a beta of 1.13.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The food distribution company reported $0.79 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.07). The firm had revenue of $15.31 billion during the quarter, compared to the consensus estimate of $15.41 billion. Performance Food Group had a net margin of 0.64% and a return on equity of 16.58%. Performance Food Group's quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. On average, research analysts predict that Performance Food Group will post 4.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Craig Howard Hoskins sold 19,113 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $87.55, for a total value of $1,673,343.15. Following the completion of the transaction, the insider now owns 152,293 shares in the company, valued at $13,333,252.15. This trade represents a 11.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Performance Food Group

Several hedge funds have recently modified their holdings of the stock. Woodline Partners LP bought a new position in shares of Performance Food Group in the 1st quarter valued at about $20,030,000. Empowered Funds LLC bought a new position in shares of Performance Food Group in the 1st quarter valued at about $359,000. Coppell Advisory Solutions LLC grew its holdings in shares of Performance Food Group by 10,786.7% in the 1st quarter. Coppell Advisory Solutions LLC now owns 9,036 shares of the food distribution company's stock valued at $711,000 after acquiring an additional 8,953 shares in the last quarter. Aristeia Capital L.L.C. grew its holdings in shares of Performance Food Group by 30.6% in the 1st quarter. Aristeia Capital L.L.C. now owns 5,070 shares of the food distribution company's stock valued at $399,000 after acquiring an additional 1,189 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Performance Food Group by 30.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 791,881 shares of the food distribution company's stock valued at $62,266,000 after purchasing an additional 184,066 shares during the last quarter. Institutional investors own 96.87% of the company's stock.

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.

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