Performance Food Group (NYSE:PFGC) Now Covered by Morgan Stanley

Equities researchers at Morgan Stanley began coverage on shares of Performance Food Group (NYSE:PFGC) in a note issued to investors on Tuesday. The brokerage set an “overweight” rating on the food distribution company’s stock.

A number of other brokerages have also recently commented on PFGC. Wall Street Zen cut shares of Performance Food Group from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Sanford C. Bernstein started coverage on shares of Performance Food Group in a report on Wednesday, October 22nd. They set an “outperform” rating and a $130.00 price target on the stock. Citigroup cut their price target on Performance Food Group from $134.00 to $127.00 and set a “buy” rating for the company in a research note on Wednesday, January 7th. Piper Sandler dropped their price target on 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. Finally, UBS Group reiterated a “buy” rating and set a $120.00 price objective on shares of Performance Food Group in a research report on Friday, December 19th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.22.

Performance Food Group Stock Down 1.4%

PFGC traded down $1.38 during trading on Tuesday, reaching $96.23. The stock had a trading volume of 293,346 shares, compared to its average volume of 2,090,886. The company has a current ratio of 1.67, a quick ratio of 0.70 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $15.09 billion, a price-to-earnings ratio of 46.26, a P/E/G ratio of 1.19 and a beta of 0.93. The stock’s 50 day moving average is $93.14 and its two-hundred day moving average is $97.80. Performance Food Group has a one year low of $68.39 and a one year high of $109.05.

Performance Food Group (NYSE:PFGC) last released its earnings results on Wednesday, November 5th. The food distribution company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.16 by $0.02. The business had revenue of $17.08 billion for the quarter, compared to the consensus estimate of $16.87 billion. Performance Food Group had a return on equity of 15.97% and a net margin of 0.50%.The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 earnings per share. As a group, analysts expect that Performance Food Group will post 4.58 earnings per share for the current year.

Institutional Investors Weigh In On Performance Food Group

Several institutional investors have recently made changes to their positions in PFGC. Goldman Sachs Group Inc. lifted its stake in shares of Performance Food Group by 30.3% in the first 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 period. Empowered Funds LLC acquired a new stake in Performance Food Group in the first quarter valued at $359,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Performance Food Group by 12.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,959 shares of the food distribution company’s stock valued at $618,000 after buying an additional 747 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Performance Food Group by 42.0% during the 2nd quarter. UMB Bank n.a. now owns 1,660 shares of the food distribution company’s stock worth $145,000 after buying an additional 491 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Performance Food Group by 43.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,877 shares of the food distribution company’s stock worth $252,000 after buying an additional 865 shares in the last quarter. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

About Performance Food Group

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.