Performance Food Group (NYSE:PFGC) Share Price Breaks Below Fifty Day Moving Average - Here's What Happened

Key Points

• Performance Food Group shares fell below their 50-day moving average, trading as low as $94.50 compared with the $99.42 average, while last changing hands near $94.95.
• Analysts remain broadly optimistic: 12 of 13 analysts rate the stock a Buy, resulting in a “Moderate Buy” consensus and an average price target of $126.40.
• The company slightly missed quarterly earnings and revenue expectations, reporting $1.59 in EPS and $18.03 billion in revenue, although revenue increased 6.7% year over year. Insiders have sold 41,459 shares worth about $4.3 million over the past 90 days.

Performance Food Group Company (NYSE:PFGC - Get Free Report)'s share price crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $99.42 and traded as low as $94.50. Performance Food Group shares last traded at $94.9460, with a volume of 912,421 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PFGC shares. Citigroup upped their target price on Performance Food Group from $143.00 to $144.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Wells Fargo & Company raised their price objective on shares of Performance Food Group from $115.00 to $130.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $133.00 price objective on shares of Performance Food Group in a report on Thursday, August 13th. Weiss Ratings raised shares of Performance Food Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, September 24th. Finally, TD Cowen dropped their price target on shares of Performance Food Group from $120.00 to $115.00 and set a "buy" rating on the stock in a research report on Friday, September 11th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.40.

Performance Food Group Trading Up 0.2%

The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67. The company has a market cap of $14.96 billion, a PE ratio of 41.46, a PEG ratio of 1.21 and a beta of 0.87. The firm's 50 day moving average is $99.42 and its 200 day moving average is $99.03.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.01). The company had revenue of $18.03 billion during the quarter, compared to analysts' expectations of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%. The firm's revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 earnings per share. On average, equities analysts anticipate that Performance Food Group Company will post 5.60 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Chasity D. Grosh sold 1,005 shares of the firm's stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $92.40, for a total transaction of $92,862.00. Following the transaction, the insider directly owned 5,783 shares in the company, valued at $534,349.20. This trade represents a 14.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hugh Hatcher sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $99.18, for a total value of $297,540.00. Following the completion of the sale, the insider owned 58,167 shares of the company's stock, valued at $5,769,003.06. The trade was a 4.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 41,459 shares of company stock worth $4,317,917 in the last 90 days. 4.50% of the stock is currently owned by company insiders.

Institutional Trading of Performance Food Group

Institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Performance Food Group in the 2nd quarter worth about $1,576,983,000. Primecap Management Co. CA purchased a new position in shares of Performance Food Group in the second quarter worth approximately $305,064,000. Eminence Capital LP raised its holdings in Performance Food Group by 60.5% in the 4th quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company's stock worth $238,050,000 after purchasing an additional 998,249 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Performance Food Group by 32.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,514,963 shares of the food distribution company's stock worth $215,418,000 after buying an additional 619,572 shares during the period. Finally, Balyasny Asset Management L.P. lifted its position in shares of Performance Food Group by 103.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,514,841 shares of the food distribution company's stock valued at $136,215,000 after buying an additional 769,013 shares in the last quarter. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

Performance Food Group Company Profile

Performance Food Group Co NYSE: PFGC is a foodservice and convenience distribution company headquartered in Richmond, Virginia. Through its operating businesses, the company supplies food and related products to restaurants, foodservice operators, convenience stores and other commercial customers across the United States and Canada.

PFGC's foodservice operations distribute a broad selection of center-of-the-plate foods, fresh and frozen products, produce, beverages, disposables, cleaning supplies and other restaurant essentials.

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