Performance Food Group (NYSE:PFGC) Receives “Buy” Rating from Guggenheim

Guggenheim reaffirmed their buy rating on shares of Performance Food Group (NYSE:PFGC) in a research report released on Thursday, The Fly reports. They currently have a $50.00 price target on the food distribution company’s stock, up from their prior price target of $46.00.

A number of other equities research analysts also recently issued reports on PFGC. Bank of America assumed coverage on shares of Performance Food Group in a research report on Wednesday, April 17th. They set a buy rating and a $45.00 price objective for the company. Zacks Investment Research raised shares of Performance Food Group from a sell rating to a hold rating in a research report on Wednesday, August 14th. Wells Fargo & Co boosted their price objective on shares of Performance Food Group from $45.00 to $50.00 and gave the company an outperform rating in a research report on Tuesday, July 30th. BMO Capital Markets boosted their price objective on shares of Performance Food Group to $52.00 and gave the company an outperform rating in a research report on Thursday. Finally, ValuEngine raised shares of Performance Food Group from a hold rating to a buy rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $46.89.

Shares of PFGC opened at $45.60 on Thursday. The firm has a market cap of $4.76 billion, a PE ratio of 24.65, a P/E/G ratio of 1.97 and a beta of 0.66. The company has a current ratio of 1.45, a quick ratio of 0.75 and a debt-to-equity ratio of 0.95. The firm has a fifty day simple moving average of $42.64 and a two-hundred day simple moving average of $40.13. Performance Food Group has a 1-year low of $28.05 and a 1-year high of $46.65.

Performance Food Group (NYSE:PFGC) last announced its earnings results on Wednesday, August 14th. The food distribution company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.56 billion. Performance Food Group had a net margin of 0.84% and a return on equity of 16.18%. The company’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 EPS. As a group, research analysts forecast that Performance Food Group will post 1.98 EPS for the current fiscal year.

In related news, insider Patrick T. Hagerty sold 7,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $38.99, for a total value of $272,930.00. Following the completion of the transaction, the insider now owns 155,006 shares of the company’s stock, valued at approximately $6,043,683.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 21,000 shares of company stock valued at $861,280 in the last ninety days. 3.80% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its holdings in shares of Performance Food Group by 75.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 700 shares of the food distribution company’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in shares of Performance Food Group during the 2nd quarter valued at about $45,000. Meeder Asset Management Inc. bought a new position in shares of Performance Food Group during the 2nd quarter valued at about $54,000. NEXT Financial Group Inc boosted its holdings in shares of Performance Food Group by 12.9% during the 2nd quarter. NEXT Financial Group Inc now owns 2,114 shares of the food distribution company’s stock valued at $85,000 after purchasing an additional 242 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new stake in shares of Performance Food Group during the 2nd quarter valued at about $185,000. 95.77% of the stock is owned by institutional investors.

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 in three operating segments: Performance Foodservice, PFG Customized, and Vistar. The company offers a range of frozen foods, including meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.

Further Reading: Growth and Income Funds

The Fly

Analyst Recommendations for Performance Food Group (NYSE:PFGC)

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