Performance Food Group (PFGC) Earns Buy Rating from Wells Fargo & Co

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Performance Food Group (NYSE:PFGC)‘s stock had its “buy” rating reaffirmed by analysts at Wells Fargo & Co in a research report issued to clients and investors on Friday.

Several other brokerages have also issued reports on PFGC. ValuEngine raised shares of Performance Food Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Pivotal Research reaffirmed a “hold” rating and set a $31.00 price objective on shares of Performance Food Group in a research report on Thursday, November 8th. Citigroup initiated coverage on Performance Food Group in a research note on Friday, December 21st. They issued a “buy” rating and a $40.00 price objective for the company. Buckingham Research assumed coverage on Performance Food Group in a report on Monday, October 22nd. They issued a “buy” rating and a $39.00 target price on the stock. Finally, Zacks Investment Research raised Performance Food Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. Performance Food Group presently has a consensus rating of “Buy” and an average price target of $38.58.

Shares of PFGC opened at $33.35 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.53 and a quick ratio of 0.78. The stock has a market cap of $3.48 billion, a PE ratio of 21.66, a price-to-earnings-growth ratio of 1.07 and a beta of 0.65. Performance Food Group has a fifty-two week low of $28.05 and a fifty-two week high of $39.45.

Performance Food Group (NYSE:PFGC) last posted its earnings results on Wednesday, November 7th. The food distribution company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.54 billion. Performance Food Group had a net margin of 1.15% and a return on equity of 15.52%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.27 EPS. On average, sell-side analysts anticipate that Performance Food Group will post 1.76 EPS for the current year.

Performance Food Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, November 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the food distribution company to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

In other Performance Food Group news, Director Douglas M. Steenland sold 104,275 shares of the firm’s stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $34.56, for a total value of $3,603,744.00. Following the completion of the transaction, the director now owns 134,365 shares in the company, valued at approximately $4,643,654.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Carol A. O’connell sold 2,197 shares of the firm’s stock in a transaction dated Wednesday, November 21st. The stock was sold at an average price of $34.00, for a total value of $74,698.00. Following the completion of the transaction, the insider now owns 22,101 shares of the company’s stock, valued at approximately $751,434. The disclosure for this sale can be found here. In the last three months, insiders sold 128,194 shares of company stock valued at $4,398,214. 3.80% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Schroder Investment Management Group boosted its position in shares of Performance Food Group by 36.5% during the 3rd quarter. Schroder Investment Management Group now owns 2,977,617 shares of the food distribution company’s stock valued at $99,155,000 after acquiring an additional 796,504 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Performance Food Group during the 3rd quarter valued at about $24,200,000. Millennium Management LLC boosted its position in shares of Performance Food Group by 202.6% during the 2nd quarter. Millennium Management LLC now owns 705,332 shares of the food distribution company’s stock valued at $25,886,000 after acquiring an additional 472,273 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Performance Food Group by 100.8% during the 3rd quarter. Renaissance Technologies LLC now owns 724,206 shares of the food distribution company’s stock valued at $24,116,000 after acquiring an additional 363,475 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Performance Food Group by 4.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,158,083 shares of the food distribution company’s stock valued at $271,664,000 after acquiring an additional 356,243 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Performance Food Group Company Profile

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: Quick Ratio

Analyst Recommendations for Performance Food Group (NYSE:PFGC)

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