Performance Food Group (NYSE:PFGC) Reaches New 52-Week High – Time to Buy?

Performance Food Group Company (NYSE:PFGC)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $113.15 and last traded at $112.4170, with a volume of 1699661 shares changing hands. The stock had previously closed at $111.79.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PFGC. Citigroup lifted their price target on shares of Performance Food Group from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings restated a “hold (c)” rating on shares of Performance Food Group in a research report on Wednesday, June 24th. Barclays increased their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Guggenheim boosted their target price on shares of Performance Food Group from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $123.00 target price on shares of Performance Food Group in a research report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Performance Food Group presently has a consensus rating of “Moderate Buy” and an average target price of $120.00.

Performance Food Group Stock Performance

The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. The stock’s fifty day simple moving average is $97.78 and its 200 day simple moving average is $93.44. The company has a market cap of $17.66 billion, a price-to-earnings ratio of 53.53, a P/E/G ratio of 1.75 and a beta of 0.91.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The business had revenue of $16.29 billion for the quarter, compared to analysts’ expectations of $16.17 billion. During the same period in the previous year, the firm posted $0.79 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, analysts anticipate that Performance Food Group Company will post 4.57 earnings per share for the current year.

Insider Activity

In related news, insider Erika T. Davis sold 2,595 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $110.00, for a total transaction of $285,450.00. Following the completion of the sale, the insider directly owned 40,446 shares in the company, valued at approximately $4,449,060. This trade represents a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total transaction of $283,620.00. Following the completion of the sale, the insider directly owned 44,655 shares of the company’s stock, valued at approximately $4,221,683.70. This trade represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 30,187 shares of company stock worth $3,027,315. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Performance Food Group

A number of hedge funds have recently modified their holdings of the business. Amundi increased its position in shares of Performance Food Group by 154.3% during the 1st quarter. Amundi now owns 5,905 shares of the food distribution company’s stock worth $506,000 after purchasing an additional 3,583 shares during the last quarter. California State Teachers Retirement System lifted its position in Performance Food Group by 23.8% in the first quarter. California State Teachers Retirement System now owns 183,693 shares of the food distribution company’s stock valued at $15,735,000 after buying an additional 35,328 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Performance Food Group by 15.8% in the first quarter. The Manufacturers Life Insurance Company now owns 104,201 shares of the food distribution company’s stock valued at $8,926,000 after buying an additional 14,241 shares during the last quarter. Luxor Capital Group LP purchased a new position in Performance Food Group during the first quarter worth about $32,397,000. Finally, Bollard Group LLC acquired a new position in shares of Performance Food Group in the 1st quarter worth approximately $2,346,000. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

About Performance Food Group

Performance Food Group Company (NYSE: PFGC) is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.