Performance Food Group (NYSE:PFGC) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Performance Food Group (NYSE:PFGC) from a sell rating to a hold rating in a report published on Tuesday, Zacks.com reports.

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. “

PFGC has been the subject of several other research reports. Raymond James lowered Performance Food Group from an outperform rating to a market perform rating in a research note on Friday, August 6th. BMO Capital Markets cut their price objective on Performance Food Group from $63.00 to $61.00 and set an outperform rating for the company in a research report on Friday, September 17th. UBS Group began coverage on shares of Performance Food Group in a research report on Thursday, July 29th. They set a buy rating and a $62.00 target price on the stock. Credit Suisse Group decreased their target price on shares of Performance Food Group from $72.00 to $68.00 and set an outperform rating for the company in a research report on Friday, August 20th. Finally, BTIG Research cut shares of Performance Food Group from a buy rating to a neutral rating in a research note on Friday, August 20th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Buy and a consensus target price of $61.44.

PFGC opened at $47.46 on Tuesday. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of 163.66 and a beta of 1.71. Performance Food Group has a 1-year low of $31.69 and a 1-year high of $59.89. The business has a 50 day moving average of $45.63 and a 200-day moving average of $50.27. The company has a current ratio of 1.42, a quick ratio of 0.69 and a debt-to-equity ratio of 1.18.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings results on Wednesday, August 18th. The food distribution company reported $0.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.01. The firm had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.78 billion. Performance Food Group had a return on equity of 8.82% and a net margin of 0.13%. The business’s quarterly revenue was up 61.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.86) EPS. Equities analysts predict that Performance Food Group will post 2.23 EPS for the current year.

In related news, insider James D. Hope sold 32,177 shares of the business’s stock in a transaction dated Thursday, August 26th. The stock was sold at an average price of $46.30, for a total transaction of $1,489,795.10. Following the transaction, the insider now owns 167,382 shares in the company, valued at approximately $7,749,786.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew C. Flanigan purchased 2,000 shares of the company’s stock in a transaction dated Friday, September 10th. The stock was bought at an average cost of $44.71 per share, for a total transaction of $89,420.00. Following the completion of the transaction, the director now owns 23,435 shares in the company, valued at $1,047,778.85. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Arizona State Retirement System increased its holdings in Performance Food Group by 1.0% during the first quarter. Arizona State Retirement System now owns 38,870 shares of the food distribution company’s stock valued at $2,239,000 after buying an additional 375 shares during the period. Fifth Third Bancorp grew its stake in Performance Food Group by 5.3% during the 1st quarter. Fifth Third Bancorp now owns 7,978 shares of the food distribution company’s stock valued at $460,000 after acquiring an additional 403 shares in the last quarter. Keybank National Association OH boosted its holdings in Performance Food Group by 29.3% in the 1st quarter. Keybank National Association OH now owns 23,725 shares of the food distribution company’s stock valued at $1,367,000 after purchasing an additional 5,375 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Performance Food Group by 1.6% in the 1st quarter. Swiss National Bank now owns 305,100 shares of the food distribution company’s stock worth $17,577,000 after acquiring an additional 4,800 shares during the last quarter. Finally, Mariner LLC acquired a new stake in Performance Food Group during the 1st quarter worth approximately $653,000.

About Performance Food Group

Performance Food Group Co engages in the market and distribution of food products. It operates through the following segments: Foodservice and Vistar. The Foodservices segment delivers food and food-related products to independent restaurants, chain restaurants, and other institutional food-away-from-home locations.

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