Zacks Investment Research Downgrades Performance Food Group (PFGC) to Hold

Performance Food Group (NYSE:PFGC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, March 15th.

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. “

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A number of other equities research analysts have also weighed in on PFGC. TheStreet lowered shares of Performance Food Group from a “b-” rating to a “c” rating in a report on Monday, November 27th. Loop Capital set a $35.00 price target on shares of Performance Food Group and gave the company a “buy” rating in a report on Friday, December 15th. BMO Capital Markets reiterated a “buy” rating and set a $33.00 price objective on shares of Performance Food Group in a research note on Wednesday, January 24th. Guggenheim reissued a “buy” rating and set a $39.00 target price on shares of Performance Food Group in a research report on Sunday, January 28th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $32.00 price objective on shares of Performance Food Group in a report on Tuesday, February 6th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Performance Food Group currently has an average rating of “Hold” and a consensus target price of $34.00.

PFGC traded up $0.10 during trading on Thursday, hitting $29.90. The company’s stock had a trading volume of 1,264,044 shares, compared to its average volume of 613,761. The company has a market capitalization of $3,099.22, a PE ratio of 24.11, a PEG ratio of 0.89 and a beta of 0.32. Performance Food Group has a one year low of $23.25 and a one year high of $35.25. The company has a current ratio of 1.67, a quick ratio of 0.86 and a debt-to-equity ratio of 1.38.

Performance Food Group (NYSE:PFGC) last posted its earnings results on Wednesday, February 7th. The restaurant operator reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Performance Food Group had a net margin of 1.24% and a return on equity of 15.69%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.35 billion. During the same period last year, the company posted $0.29 earnings per share. Performance Food Group’s quarterly revenue was up 6.4% on a year-over-year basis. equities analysts forecast that Performance Food Group will post 1.6 earnings per share for the current fiscal year.

In other Performance Food Group news, insider Craig Howard Hoskins sold 12,533 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $30.49, for a total transaction of $382,131.17. Following the completion of the transaction, the insider now owns 149,744 shares of the company’s stock, valued at $4,565,694.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its holdings in Performance Food Group by 25.6% in the second quarter. Public Employees Retirement System of Ohio now owns 5,780 shares of the restaurant operator’s stock valued at $158,000 after acquiring an additional 1,177 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Performance Food Group by 42.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,979 shares of the restaurant operator’s stock worth $165,000 after purchasing an additional 1,478 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Performance Food Group during the fourth quarter worth approximately $103,000. Macquarie Group Ltd. raised its holdings in Performance Food Group by 3.9% during the third quarter. Macquarie Group Ltd. now owns 93,279 shares of the restaurant operator’s stock worth $2,635,000 after purchasing an additional 3,466 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Performance Food Group by 5.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 68,205 shares of the restaurant operator’s stock worth $2,258,000 after purchasing an additional 3,712 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

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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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