Performance Food Group (PFGC) Stock Price Down 10.8% Following Weak Earnings

Performance Food Group Co (NYSE:PFGC)’s share price dropped 10.8% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $31.05 and last traded at $33.60. Approximately 4,214,937 shares changed hands during mid-day trading, an increase of 541% from the average daily volume of 657,719 shares. The stock had previously closed at $37.65.

The restaurant operator reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). The company had revenue of $4.59 billion for the quarter, compared to analyst estimates of $4.66 billion. Performance Food Group had a return on equity of 15.76% and a net margin of 1.00%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.48 EPS.

PFGC has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Performance Food Group from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Friday, July 20th. Royal Bank of Canada raised their target price on shares of Performance Food Group from $32.00 to $33.00 and gave the stock a “sector perform” rating in a research note on Friday, August 10th. Loop Capital set a $43.00 target price on shares of Performance Food Group and gave the stock a “buy” rating in a research note on Thursday, May 10th. Jefferies Financial Group initiated coverage on shares of Performance Food Group in a research report on Friday, June 8th. They set a “hold” rating and a $38.00 price target on the stock. Finally, Morgan Stanley lowered their price target on shares of Performance Food Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Thursday. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $38.50.

In related news, insider Carol A. O’connell sold 6,939 shares of the firm’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $36.77, for a total transaction of $255,147.03. Following the transaction, the insider now directly owns 50,474 shares of the company’s stock, valued at $1,855,928.98. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider George L. Holm sold 56,176 shares of the firm’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $36.43, for a total transaction of $2,046,491.68. Following the transaction, the insider now directly owns 166,937 shares in the company, valued at $6,081,514.91. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,820 shares of company stock worth $3,738,453. 3.70% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. Brown Advisory Inc. bought a new position in Performance Food Group during the first quarter worth about $200,000. Sciencast Management LP bought a new position in Performance Food Group during the first quarter worth about $212,000. NumerixS Investment Technologies Inc increased its position in Performance Food Group by 57.5% during the second quarter. NumerixS Investment Technologies Inc now owns 6,300 shares of the restaurant operator’s stock worth $234,000 after acquiring an additional 2,300 shares during the period. West Branch Capital LLC bought a new position in Performance Food Group during the first quarter worth about $236,000. Finally, Tower Research Capital LLC TRC increased its holdings in Performance Food Group by 620.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,419 shares of the restaurant operator’s stock valued at $236,000 after buying an additional 5,528 shares during the period. 94.74% of the stock is currently owned by institutional investors and hedge funds.

The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 1.17. The firm has a market cap of $3.81 billion, a P/E ratio of 27.22, a PEG ratio of 0.95 and a beta of 0.28.

About Performance Food Group (NYSE:PFGC)

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.

See Also: New Google Finance Tool and Screening Stocks

Receive News & Ratings for Performance Food Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Performance Food Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply