Morgan Stanley Trims Performance Food Group (PFGC) Target Price to $35.00

Performance Food Group (NYSE:PFGC) had its price objective reduced by analysts at Morgan Stanley from $37.00 to $35.00 in a research note issued on Thursday. The brokerage presently has an “equal weight” rating on the restaurant operator’s stock. Morgan Stanley’s price target points to a potential upside of 3.70% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Wells Fargo & Co increased their target price on Performance Food Group from $40.00 to $46.00 and gave the stock a “$38.15” rating in a research report on Wednesday, July 18th. Guggenheim reiterated a “buy” rating and set a $43.00 target price on shares of Performance Food Group in a research report on Friday, July 20th. Zacks Investment Research upgraded Performance Food Group from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Friday, July 20th. Loop Capital increased their target price on Performance Food Group to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 19th. Finally, ValuEngine upgraded Performance Food Group from a “hold” rating to a “buy” rating in a report on Tuesday, June 26th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $38.50.

Shares of NYSE:PFGC traded up $0.15 during trading on Thursday, hitting $33.75. 1,642,606 shares of the company’s stock were exchanged, compared to its average volume of 663,952. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 1.17. Performance Food Group has a 52-week low of $26.10 and a 52-week high of $39.45. The stock has a market capitalization of $3.81 billion, a P/E ratio of 27.19, a P/E/G ratio of 0.95 and a beta of 0.28.

Performance Food Group (NYSE:PFGC) last released its earnings results on Wednesday, August 15th. The restaurant operator reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.07). Performance Food Group had a return on equity of 15.76% and a net margin of 1.00%. The business had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the business posted $0.48 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. research analysts predict that Performance Food Group will post 1.6 earnings per share for the current fiscal year.

In other news, insider Carol A. O’connell sold 6,939 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $36.77, for a total value of $255,147.03. Following the completion of the sale, the insider now directly owns 50,474 shares of the company’s stock, valued at approximately $1,855,928.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick T. Hagerty sold 29,305 shares of the firm’s stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $35.35, for a total value of $1,035,931.75. Following the completion of the sale, the insider now directly owns 167,837 shares of the company’s stock, valued at $5,933,037.95. The disclosure for this sale can be found here. Insiders have sold a total of 108,476 shares of company stock valued at $3,901,273 in the last 90 days. 3.70% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of PFGC. Wells Fargo & Company MN lifted its stake in shares of Performance Food Group by 86.3% in the 1st quarter. Wells Fargo & Company MN now owns 630,904 shares of the restaurant operator’s stock valued at $18,833,000 after purchasing an additional 292,345 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Performance Food Group by 13.7% in the 1st quarter. Rhumbline Advisers now owns 93,069 shares of the restaurant operator’s stock valued at $2,778,000 after purchasing an additional 11,236 shares during the last quarter. West Branch Capital LLC bought a new stake in shares of Performance Food Group in the 1st quarter valued at approximately $236,000. Commerce Bank lifted its stake in shares of Performance Food Group by 20.5% in the 1st quarter. Commerce Bank now owns 24,465 shares of the restaurant operator’s stock valued at $730,000 after purchasing an additional 4,155 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Performance Food Group by 10.2% in the 1st quarter. Victory Capital Management Inc. now owns 4,186,365 shares of the restaurant operator’s stock valued at $124,963,000 after purchasing an additional 388,992 shares during the last quarter. 94.74% of the stock is owned by institutional investors and hedge funds.

About Performance Food Group

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates in three operating segments: Performance Foodservice, PFG Customized, and Vistar. The company offers a range of frozen foods, such as meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as seafood products, shortenings and oils, baked goods, and salad dressings.

Further Reading: Outstanding Shares

Analyst Recommendations for Performance Food Group (NYSE:PFGC)

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