Truist Financial Issues Positive Forecast for Performance Food Group (NYSE:PFGC) Stock Price

Key Points

• Truist Financial has increased its price target for Performance Food Group (NYSE:PFGC) stock from $101.00 to $118.00, suggesting a potential upside of 16.98% from its current price.
• Performance Food Group's earnings per share for the last quarter was $1.55, exceeding expectations, with a revenue of $16.94 billion, marking an 11.2% year-over-year increase.
• The consensus rating for PFGC stock is "Moderate Buy" with 5 hold ratings, 9 buy ratings, and 1 strong buy rating, as well as an average target price of $105.08.

Performance Food Group (NYSE:PFGC - Get Free Report) had its price target hoisted by equities research analysts at Truist Financial from $101.00 to $118.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the food distribution company's stock. Truist Financial's price objective indicates a potential upside of 16.98% from the stock's current price.

A number of other research firms have also recently weighed in on PFGC. Barclays reaffirmed an "overweight" rating and set a $120.00 price target (up previously from $112.00) on shares of Performance Food Group in a report on Thursday. Citigroup initiated coverage on Performance Food Group in a report on Thursday, May 22nd. They set a "buy" rating and a $121.00 price target on the stock. Wall Street Zen cut Performance Food Group from a "buy" rating to a "hold" rating in a report on Sunday, July 6th. Wells Fargo & Company set a $115.00 price target on shares of Performance Food Group and gave the stock an "overweight" rating in a research report on Wednesday. Finally, UBS Group reiterated a "buy" rating and set a $120.00 price objective (up from $110.00) on shares of Performance Food Group in a research report on Thursday. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $105.08.

Performance Food Group Stock Down 0.4%

NYSE:PFGC traded down $0.40 during mid-day trading on Thursday, hitting $100.87. The company had a trading volume of 1,272,126 shares, compared to its average volume of 1,332,324. The business has a fifty day simple moving average of $92.92 and a 200-day simple moving average of $85.81. The company has a current ratio of 1.61, a quick ratio of 0.73 and a debt-to-equity ratio of 1.49. Performance Food Group has a 1 year low of $68.39 and a 1 year high of $103.50. The firm has a market capitalization of $15.74 billion, a price-to-earnings ratio of 42.00, a PEG ratio of 1.36 and a beta of 1.20.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its earnings results on Wednesday, August 13th. The food distribution company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.10. The company had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $16.85 billion. Performance Food Group had a return on equity of 16.17% and a net margin of 0.61%. The company's revenue was up 11.2% on a year-over-year basis. During the same period last year, the firm earned $1.45 earnings per share. Equities analysts forecast that Performance Food Group will post 4.58 earnings per share for the current fiscal year.

Insider Activity at Performance Food Group

In related news, insider Donald S. Bulmer sold 2,404 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $90.00, for a total value of $216,360.00. Following the sale, the insider owned 51,350 shares of the company's stock, valued at $4,621,500. The trade was a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Erika T. Davis sold 8,200 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $89.72, for a total transaction of $735,704.00. Following the completion of the sale, the insider directly owned 46,722 shares in the company, valued at approximately $4,191,897.84. The trade was a 14.93% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,059 shares of company stock worth $5,861,405. Insiders own 2.80% of the company's stock.

Institutional Trading of Performance Food Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its stake in Performance Food Group by 746.2% during the first quarter. SG Americas Securities LLC now owns 11,178 shares of the food distribution company's stock worth $879,000 after buying an additional 9,857 shares during the last quarter. UMB Bank n.a. grew its stake in Performance Food Group by 52.6% during the first quarter. UMB Bank n.a. now owns 1,169 shares of the food distribution company's stock worth $92,000 after buying an additional 403 shares during the last quarter. Ground Swell Capital LLC bought a new stake in Performance Food Group during the fourth quarter worth about $659,000. Signaturefd LLC grew its stake in Performance Food Group by 60.9% during the first quarter. Signaturefd LLC now owns 830 shares of the food distribution company's stock worth $65,000 after buying an additional 314 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Performance Food Group by 30.9% during the fourth quarter. Point72 Asset Management L.P. now owns 2,111,242 shares of the food distribution company's stock worth $178,506,000 after buying an additional 498,554 shares during the last quarter. Institutional investors own 96.87% of the company's stock.

About Performance Food Group

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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