UBS Group Forecasts Strong Price Appreciation for Performance Food Group (NYSE:PFGC) Stock

Performance Food Group (NYSE:PFGC) had its price objective raised by equities research analysts at UBS Group from $130.00 to $133.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the food distribution company’s stock. UBS Group‘s target price indicates a potential upside of 23.84% from the stock’s current price.

A number of other analysts have also recently weighed in on PFGC. Sanford C. Bernstein upped their price target on shares of Performance Food Group from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday. Citigroup increased their price target on Performance Food Group from $143.00 to $144.00 and gave the company a “buy” rating in a report on Thursday, August 13th. TD Cowen boosted their price objective on Performance Food Group from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating on shares of Performance Food Group in a research report on Thursday, August 13th. Finally, Morgan Stanley upped their target price on Performance Food Group from $131.00 to $136.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.40.

Performance Food Group Trading Down 2.1%

Shares of NYSE PFGC traded down $2.29 during trading on Thursday, hitting $107.39. 2,930,214 shares of the company traded hands, compared to its average volume of 1,282,779. The firm has a market capitalization of $16.92 billion, a P/E ratio of 42.79, a P/E/G ratio of 1.30 and a beta of 0.91. The company has a quick ratio of 0.67, a current ratio of 1.51 and a debt-to-equity ratio of 1.34. The company has a 50-day moving average price of $95.84 and a 200-day moving average price of $97.65. Performance Food Group has a 1 year low of $80.82 and a 1 year high of $117.47.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, November 4th. The food distribution company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.05. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $18.02 billion. During the same period last year, the company posted $0.60 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts predict that Performance Food Group will post 5.59 EPS for the current year.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider Hugh Hatcher sold 3,000 shares of Performance Food Group stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $99.18, for a total transaction of $297,540.00. Following the sale, the insider directly owned 58,167 shares in the company, valued at $5,769,003.06. The trade was a 4.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider A. King sold 1,320 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total transaction of $138,982.80. Following the sale, the insider directly owned 44,216 shares of the company’s stock, valued at $4,655,502.64. The trade was a 2.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 41,459 shares of company stock worth $4,317,917 over the last ninety days. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Performance Food Group during the second quarter worth about $1,576,983,000. Corient Private Wealth LP acquired a new position in Performance Food Group in the second quarter worth about $3,533,000. Engineers Gate Manager LP grew its stake in Performance Food Group by 77.2% in the second quarter. Engineers Gate Manager LP now owns 384,143 shares of the food distribution company’s stock worth $42,943,000 after purchasing an additional 167,361 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Performance Food Group by 241.7% in the third quarter. Assenagon Asset Management S.A. now owns 481,018 shares of the food distribution company’s stock valued at $44,018,000 after buying an additional 340,227 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new stake in Performance Food Group in the second quarter valued at about $7,460,000. 96.87% of the stock is currently owned by institutional investors.

Key Stories Impacting Performance Food Group

Here are the key news stories impacting Performance Food Group this week:

• Positive Sentiment: Performance Food Group reported fiscal first-quarter earnings of $1.32 per share, beating the $1.27 consensus estimate. Revenue was $18.02 billion, in line with expectations and up 5.5% year over year. The earnings beat was cited as the catalyst for a sharp rise in the shares. Performance Food Group Stock Jumps After Earnings Beat
• Positive Sentiment: UBS raised its price target to $133 from $130 and reiterated a Buy rating, signaling continued confidence in the stock’s potential. UBS Group stock recommendations
• Positive Sentiment: Sanford C. Bernstein lifted its target to $135 from $130 and maintained an Outperform rating, reinforcing the bullish analyst view. Tickerreport coverage
• Positive Sentiment: A TD Cowen analyst also expects PFGC shares to rise, adding to the favorable analyst commentary following the earnings report. TD Cowen analyst outlook

Performance Food Group Company Profile

Performance Food Group Co (NYSE:PFGC) is a food and foodservice distribution company serving restaurants, convenience stores, schools, health care facilities, hospitality businesses and other institutional customers. The company supplies a broad selection of fresh, frozen and dry food products, beverages, disposables, kitchen supplies and related equipment.

Performance Food Group operates through three primary business areas: Foodservice, which distributes products to independent and chain restaurants and institutional customers; Vistar, which supplies candy, snacks, beverages and other products to vending, theater, hospitality and specialty retail customers; and Convenience, which serves convenience stores and other retail locations with food, beverages, tobacco products and related merchandise.

The company traces its origins to 1987 and is headquartered in Richmond, Virginia.