Performance Food Group (NYSE:PFGC) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Performance Food Group (NYSE:PFGC) from a strong sell to a hold, while the consensus across analysts remains a Moderate Buy (9 Buys, 2 Holds) with a $116.44 average price target.
• In the most recent quarter PFGC reported EPS of $0.98 versus estimates of $1.07 and revenue of $16.44B versus $16.54B expected, though revenue was up 5.2% year-over-year.
• Shares opened at $87.70 (52-week range $70.42–$109.05) with a market cap of about $13.8B and a P/E of 39.9; insider Chasity D. Grosh sold 1,843 shares and institutions own roughly 96.9% of the stock.

Performance Food Group (NYSE:PFGC - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also commented on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Performance Food Group in a report on Friday, March 27th. Piper Sandler lowered their target price on shares of Performance Food Group from $116.00 to $111.00 and set an "overweight" rating for the company in a research note on Friday, December 12th. Citigroup lowered their target price on shares of Performance Food Group from $127.00 to $126.00 and set a "buy" rating for the company in a research note on Friday, February 6th. Barclays lowered their target price on shares of Performance Food Group from $120.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, January 7th. Finally, Guggenheim reissued a "buy" rating on shares of Performance Food Group in a research note on Thursday, December 18th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $116.44.

Performance Food Group Price Performance

Shares of NYSE:PFGC opened at $87.70 on Tuesday. The firm has a market cap of $13.75 billion, a PE ratio of 39.87, a price-to-earnings-growth ratio of 1.18 and a beta of 0.94. The firm's fifty day moving average is $90.32 and its 200-day moving average is $94.19. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.68 and a current ratio of 1.60. Performance Food Group has a 52 week low of $70.42 and a 52 week high of $109.05.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.09). The business had revenue of $16.44 billion for the quarter, compared to analyst estimates of $16.54 billion. Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.Performance Food Group's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 EPS. Sell-side analysts predict that Performance Food Group will post 4.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Chasity D. Grosh sold 1,843 shares of Performance Food Group stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total transaction of $169,611.29. Following the completion of the transaction, the insider owned 6,601 shares of the company's stock, valued at $607,490.03. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Performance Food Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Root Financial Partners LLC bought a new stake in Performance Food Group in the third quarter valued at $39,000. Torren Management LLC bought a new stake in Performance Food Group in the fourth quarter valued at $41,000. Lloyd Advisory Services LLC. bought a new stake in Performance Food Group in the fourth quarter valued at $43,000. Eastern Bank bought a new stake in Performance Food Group in the third quarter valued at $47,000. Finally, Clearstead Advisors LLC increased its stake in Performance Food Group by 132.9% in the fourth quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company's stock valued at $53,000 after purchasing an additional 335 shares in the last quarter. 96.87% of the stock is owned by institutional investors.

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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