Performance Food Group (NYSE:PFGC) Hits New 12-Month High – Time to Buy?

Shares of Performance Food Group Company (NYSE:PFGC) hit a new 52-week high on Tuesday . The stock traded as high as $116.61 and last traded at $116.4250, with a volume of 18641 shares traded. The stock had previously closed at $114.30.

Analyst Ratings Changes

Several equities analysts have recently commented on PFGC shares. Zacks Research upgraded Performance Food Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Wells Fargo & Company upped their price objective on shares of Performance Food Group from $115.00 to $130.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Barclays increased their target price on shares of Performance Food Group from $105.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Performance Food Group in a research report on Wednesday, June 24th. Finally, Citigroup boosted their price target on shares of Performance Food Group from $135.00 to $143.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.82.

Performance Food Group Stock Performance

The business has a 50-day moving average of $105.91 and a two-hundred day moving average of $96.52. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.52 and a quick ratio of 0.68. The company has a market cap of $18.33 billion, a P/E ratio of 55.58, a P/E/G ratio of 1.45 and a beta of 0.91.

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

Insider Activity

In other Performance Food Group news, Director Kimberly Grant sold 2,500 shares of Performance Food Group stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total value of $237,500.00. Following the transaction, the director directly owned 11,935 shares of the company’s stock, valued at approximately $1,133,825. The trade was a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hugh Patrick Hatcher sold 3,000 shares of Performance Food Group stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $94.54, for a total transaction of $283,620.00. Following the completion of the transaction, the insider directly owned 44,655 shares in the company, valued at $4,221,683.70. This represents a 6.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,187 shares of company stock worth $3,027,315. Insiders own 4.50% of the company’s stock.

Institutional Trading of Performance Food Group

Institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Performance Food Group during the 4th quarter valued at about $208,170,000. Wellington Management Group LLP boosted its holdings in Performance Food Group by 46.2% in the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock worth $646,447,000 after acquiring an additional 1,964,799 shares in the last quarter. Invesco Ltd. boosted its holdings in Performance Food Group by 79.1% in the third quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock worth $275,400,000 after acquiring an additional 1,168,869 shares in the last quarter. Eminence Capital LP grew its stake in shares of Performance Food Group by 60.5% during the fourth quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company’s stock worth $238,050,000 after acquiring an additional 998,249 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Performance Food Group during the fourth quarter worth about $81,020,000. Institutional investors and hedge funds own 96.87% of the company’s stock.

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.