Performance Food Group (PFGC) Upgraded to “Buy” at Zacks Investment Research

Performance Food Group (NYSE:PFGC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, December 19th. The brokerage presently has a $35.00 price target on the restaurant operator’s stock. Zacks Investment Research‘s target price suggests a potential upside of 6.06% from the company’s current price.

According to Zacks, “Performance Food Group Company markets and distributes food and food-related products. Its operating segment consists of Foodservice, Vistar, and PFG Customized. Foodservice segment offers appetizers and soups, beverages, canned and dry foods, cheese, dairy products and eggs, desserts and breads, dressing sauces and oils, non-foods, pizzas and pastas, prepared foods, produce and vegetables and seafood products. Vistar segment offers candies, gum and mints, snacks, cold beverages, frozen products, coffees, ice creams, frozen and refrigerated entrees, disposables, cleaners and more. PFG Customized segment offers seafood, meats, produce, dairy products and smallwares. The company serves independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions. Performance Food Group Company is headquartered in Richmond, Virginia. “

A number of other equities research analysts have also commented on PFGC. BidaskClub upgraded Performance Food Group from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. Guggenheim restated a “buy” rating and set a $33.00 price target (up from $31.00) on shares of Performance Food Group in a research report on Wednesday, September 6th. Loop Capital set a $35.00 price target on Performance Food Group and gave the stock a “buy” rating in a research report on Friday, December 15th. TheStreet lowered Performance Food Group from a “b-” rating to a “c” rating in a research report on Monday, November 27th. Finally, Morgan Stanley increased their price target on Performance Food Group from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 9th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $31.25.

Shares of Performance Food Group (NYSE PFGC) traded down $0.25 on Tuesday, hitting $33.00. The stock had a trading volume of 439,702 shares, compared to its average volume of 591,055. Performance Food Group has a fifty-two week low of $21.70 and a fifty-two week high of $33.80. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.80 and a current ratio of 1.55. The firm has a market cap of $3,450.00 and a PE ratio of 32.04.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, November 8th. The restaurant operator reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.02. Performance Food Group had a return on equity of 15.02% and a net margin of 0.62%. The business had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same period in the prior year, the firm posted $0.20 EPS. Performance Food Group’s quarterly revenue was up 7.9% compared to the same quarter last year. analysts anticipate that Performance Food Group will post 1.45 earnings per share for the current fiscal year.

In other Performance Food Group news, Director William F. Dawson, Jr. sold 5,000,000 shares of the stock in a transaction on Friday, November 24th. The stock was sold at an average price of $28.03, for a total value of $140,150,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William F. Dawson, Jr. sold 6,272,914 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $29.68, for a total value of $186,180,087.52. The disclosure for this sale can be found here. Insiders sold a total of 11,277,364 shares of company stock worth $326,453,842 over the last quarter. Corporate insiders own 3.70% of the company’s stock.

Several large investors have recently bought and sold shares of the company. FMR LLC boosted its position in shares of Performance Food Group by 20.3% in the 2nd quarter. FMR LLC now owns 14,747,833 shares of the restaurant operator’s stock worth $404,090,000 after purchasing an additional 2,492,402 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Performance Food Group by 16.6% in the 2nd quarter. Vanguard Group Inc. now owns 6,738,910 shares of the restaurant operator’s stock worth $184,646,000 after purchasing an additional 957,920 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Performance Food Group by 8.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,652,804 shares of the restaurant operator’s stock worth $188,274,000 after purchasing an additional 544,199 shares during the last quarter. BlackRock Inc. boosted its position in shares of Performance Food Group by 62.4% in the 2nd quarter. BlackRock Inc. now owns 5,336,665 shares of the restaurant operator’s stock worth $146,224,000 after purchasing an additional 2,049,633 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Performance Food Group by 1.1% in the 3rd quarter. Victory Capital Management Inc. now owns 3,563,912 shares of the restaurant operator’s stock worth $100,681,000 after purchasing an additional 37,263 shares during the last quarter. Institutional investors and hedge funds own 82.34% of the company’s stock.

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About Performance Food Group

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products. The Company operates through three segments: Performance Foodservice, PFG Customized and Vistar. The Performance Foodservice segment distributes a range of national brands, customer brands, and branded food and food-related products.

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