TD Cowen Cuts Performance Food Group (NYSE:PFGC) Price Target to $120.00

Performance Food Group (NYSE:PFGC) had its price target trimmed by TD Cowen from $128.00 to $120.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the food distribution company’s stock.

Several other brokerages also recently issued reports on PFGC. Wells Fargo & Company boosted their price target on shares of Performance Food Group from $115.00 to $130.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Citigroup increased their price objective on shares of Performance Food Group from $143.00 to $144.00 and gave the stock a “buy” rating in a report on Thursday. Barclays lifted their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Sanford C. Bernstein restated an “outperform” rating on shares of Performance Food Group in a research report on Thursday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Performance Food Group in a research note on Wednesday, June 24th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.90.

Performance Food Group Stock Up 2.5%

Shares of Performance Food Group stock opened at $107.07 on Thursday. The stock has a market capitalization of $16.87 billion, a price-to-earnings ratio of 46.76, a PEG ratio of 1.36 and a beta of 0.91. Performance Food Group has a twelve month low of $80.82 and a twelve month high of $117.47. The company has a current ratio of 1.51, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34. The business’s 50 day simple moving average is $109.79 and its 200-day simple moving average is $97.96.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.01). The company had revenue of $18.03 billion for the quarter, compared to analyst estimates of $18.11 billion. Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 EPS. Equities research analysts forecast that Performance Food Group will post 5.58 earnings per share for the current year.

Insider Activity

In related news, insider A Brent King sold 6,111 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $105.00, for a total value of $641,655.00. Following the completion of the sale, the insider owned 44,260 shares of the company’s stock, valued at $4,647,300. This represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Erika T. Davis sold 2,595 shares of the 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 transaction, the insider owned 40,446 shares of the company’s stock, valued at $4,449,060. This represents a 6.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 27,187 shares of company stock valued at $2,743,695. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Performance Food Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC bought a new position in shares of Performance Food Group in the first quarter valued at approximately $28,000. Asset Planning Inc bought a new stake in Performance Food Group during the first quarter worth approximately $35,000. Torren Management LLC bought a new stake in Performance Food Group during the fourth quarter worth approximately $41,000. Lloyd Advisory Services LLC. acquired a new stake in Performance Food Group in the fourth quarter worth approximately $43,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Performance Food Group in the second quarter worth approximately $51,000. 96.87% of the stock is currently owned by institutional investors.

Performance Food Group Company Profile

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.