Performance Food Group (NYSE:PFGC) Price Target Cut to $115.00 by Analysts at TD Cowen

Performance Food Group (NYSE:PFGC) had its price objective dropped by analysts at TD Cowen from $120.00 to $115.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the food distribution company’s stock. TD Cowen’s price objective suggests a potential upside of 21.91% from the stock’s previous close.

Several other research analysts also recently issued reports on PFGC. BMO Capital Markets restated an “outperform” rating on shares of Performance Food Group in a report on Thursday, August 13th. UBS Group decreased their target price on Performance Food Group from $132.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Weiss Ratings raised Performance Food Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 27th. Guggenheim boosted their price target on Performance Food Group from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Finally, Morgan Stanley upped their price target on Performance Food Group from $120.00 to $131.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Performance Food Group has a consensus rating of “Moderate Buy” and an average target price of $126.40.

Performance Food Group Trading Down 1.4%

Shares of Performance Food Group stock opened at $94.33 on Friday. The company’s fifty day simple moving average is $108.04 and its 200-day simple moving average is $98.73. The company has a market cap of $14.86 billion, a price-to-earnings ratio of 41.19, a PEG ratio of 1.22 and a beta of 0.88. The company has a current ratio of 1.51, a quick ratio of 0.67 and a debt-to-equity ratio of 1.34. Performance Food Group has a 1 year low of $80.82 and a 1 year high of $117.47.

Performance Food Group (NYSE:PFGC) last released its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.01). Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The company had revenue of $18.03 billion for the quarter, compared to analyst estimates of $18.11 billion. During the same quarter in the previous year, the company earned $0.84 earnings per share. Performance Food Group’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, sell-side analysts expect that Performance Food Group will post 5.6 EPS for the current year.

Insiders Place Their Bets

In related news, insider Chasity D. Grosh sold 643 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $104.42, for a total value of $67,142.06. Following the completion of the transaction, the insider owned 7,222 shares of the company’s stock, valued at $754,121.24. This represents a 8.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider A. King sold 1,320 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total transaction of $138,982.80. Following the transaction, the insider owned 44,216 shares of the company’s stock, valued at approximately $4,655,502.64. This represents a 2.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 43,049 shares of company stock valued at $4,510,505 over the last 90 days. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Performance Food Group

Institutional investors have recently bought and sold shares of the stock. Capital World Investors raised its stake in Performance Food Group by 1.0% during the fourth quarter. Capital World Investors now owns 22,663,573 shares of the food distribution company’s stock worth $2,037,910,000 after acquiring an additional 216,720 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Performance Food Group by 10,766.1% in the 2nd quarter. California State Teachers Retirement System now owns 19,960,216 shares of the food distribution company’s stock valued at $2,231,353,000 after purchasing an additional 19,776,523 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Performance Food Group in the 2nd quarter worth about $1,576,983,000. Wellington Management Group LLP grew its holdings in shares of Performance Food Group by 46.2% in the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock worth $646,447,000 after purchasing an additional 1,964,799 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Performance Food Group by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,803,918 shares of the food distribution company’s stock worth $252,207,000 after purchasing an additional 36,031 shares during the last quarter. Institutional investors and hedge funds own 96.87% of the company’s stock.

About Performance Food Group

Performance Food Group Company (NYSE:PFGC) is a food and food-related products distributor serving businesses across the United States and Canada. The company supplies restaurants, foodservice operators, schools, healthcare facilities, hospitality businesses, vending and entertainment venues, and convenience stores.

Performance Food Group operates through three primary businesses: Foodservice, Vistar and Convenience. Its offerings include fresh and frozen foods, dry groceries, beverages, ingredients, disposable supplies, and specialty products such as candy, snacks and theater concessions.