Performance Food Group (PFGC) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Performance Food Group (NYSE:PFGC) from a buy rating to a hold rating in a research note published on Saturday, December 16th.

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. “

Several other research firms also recently weighed in on PFGC. TheStreet downgraded shares of Performance Food Group from a b- rating to a c rating in a research note on Monday, November 27th. BidaskClub raised shares of Performance Food Group from a hold rating to a buy rating in a research note on Thursday, August 24th. Loop Capital set a $35.00 price target on shares of Performance Food Group and gave the stock a buy rating in a research note on Friday, December 15th. BMO Capital Markets boosted their price target on shares of Performance Food Group from $30.00 to $33.00 and gave the stock an outperform rating in a research note on Wednesday, September 13th. Finally, Morgan Stanley boosted their price target on shares of Performance Food Group from $28.00 to $30.00 and gave the stock an equal weight rating in a research note on Thursday, November 9th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $31.25.

Performance Food Group (PFGC) traded down $0.25 during midday trading on Friday, hitting $33.00. 444,241 shares of the stock were exchanged, compared to its average volume of 591,055. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.55 and a quick ratio of 0.80. The company has a market cap of $3,450.00 and a P/E ratio of 32.04. Performance Food Group has a 52 week low of $21.70 and a 52 week high of $33.80.

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

In other Performance Food Group news, insider Craig Howard Hoskins sold 4,450 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $27.81, for a total value of $123,754.50. Following the transaction, the insider now owns 175,993 shares in the company, valued at $4,894,365.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William F. Dawson, Jr. sold 6,272,914 shares of the business’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $29.68, for a total transaction of $186,180,087.52. The disclosure for this sale can be found here. Insiders sold 11,277,364 shares of company stock worth $326,453,842 in the last 90 days. Corporate insiders own 3.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PFGC. FMR LLC increased its position in shares of Performance Food Group by 20.3% during the second quarter. FMR LLC now owns 14,747,833 shares of the restaurant operator’s stock valued at $404,090,000 after buying an additional 2,492,402 shares during the period. BlackRock Inc. increased its position in shares of Performance Food Group by 62.4% during the second quarter. BlackRock Inc. now owns 5,336,665 shares of the restaurant operator’s stock valued at $146,224,000 after buying an additional 2,049,633 shares during the period. Victory Capital Management Inc. increased its position in shares of Performance Food Group by 97.2% during the second quarter. Victory Capital Management Inc. now owns 3,526,649 shares of the restaurant operator’s stock valued at $96,631,000 after buying an additional 1,738,128 shares during the period. Vanguard Group Inc. increased its position in shares of Performance Food Group by 16.6% during the second quarter. Vanguard Group Inc. now owns 6,738,910 shares of the restaurant operator’s stock valued at $184,646,000 after buying an additional 957,920 shares during the period. Finally, Citadel Advisors LLC increased its position in shares of Performance Food Group by 92.3% during the second quarter. Citadel Advisors LLC now owns 1,613,929 shares of the restaurant operator’s stock valued at $44,222,000 after buying an additional 774,804 shares during the period. Institutional investors 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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