Zacks Investment Research Lowers Performance Food Group (NYSE:PFGC) to Sell

Zacks Investment Research lowered shares of Performance Food Group (NYSE:PFGC) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Performance Food Group Company markets and distributes food and food-related products. Its operating segment consists of Foodservice, Vistar, and PFG Customized. Foodservice segment offers appetizers and soups, beverages, canned and dry foods, cheese, dairy products and eggs, desserts and breads, dressing sauces and oils, non-foods, pizzas and pastas, prepared foods, produce and vegetables and seafood products. Vistar segment offers candies, gum and mints, snacks, cold beverages, frozen products, coffees, ice creams, frozen and refrigerated entrees, disposables, cleaners and more. PFG Customized segment offers seafood, meats, produce, dairy products and smallwares. The company serves independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions. Performance Food Group Company is headquartered in Richmond, Virginia. “

Several other equities research analysts have also issued reports on PFGC. Guggenheim reissued a buy rating and set a $50.00 target price (up from $46.00) on shares of Performance Food Group in a research note on Thursday, August 15th. Buckingham Research increased their target price on shares of Performance Food Group from $47.00 to $53.00 and gave the stock a buy rating in a research note on Thursday, August 15th. Wells Fargo & Co reissued a buy rating on shares of Performance Food Group in a research note on Friday, September 27th. ValuEngine lowered shares of Performance Food Group from a buy rating to a hold rating in a research note on Friday, September 27th. Finally, Loop Capital raised their price target on shares of Performance Food Group to $50.00 and gave the company a buy rating in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $47.67.

Shares of PFGC stock traded down $0.11 during mid-day trading on Wednesday, hitting $42.98. 377,392 shares of the stock were exchanged, compared to its average volume of 645,319. The firm has a fifty day moving average of $45.42 and a 200 day moving average of $42.41. The company has a quick ratio of 0.77, a current ratio of 1.57 and a debt-to-equity ratio of 1.03. Performance Food Group has a 52-week low of $28.28 and a 52-week high of $47.26. The company has a market cap of $4.55 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 1.89 and a beta of 0.62.

Performance Food Group (NYSE:PFGC) last posted its earnings results on Wednesday, August 14th. The food distribution company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. Performance Food Group had a net margin of 0.84% and a return on equity of 15.86%. The business had revenue of $5.90 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period in the prior year, the company posted $0.53 EPS. The company’s revenue for the quarter was up 28.4% on a year-over-year basis. Equities analysts predict that Performance Food Group will post 1.99 EPS for the current year.

In other Performance Food Group news, insider Craig Howard Hoskins sold 17,009 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $43.91, for a total value of $746,865.19. Following the transaction, the insider now directly owns 123,802 shares of the company’s stock, valued at approximately $5,436,145.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick T. Hagerty sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $46.57, for a total transaction of $325,990.00. Following the sale, the insider now owns 138,406 shares of the company’s stock, valued at approximately $6,445,567.42. The disclosure for this sale can be found here. Insiders sold a total of 38,888 shares of company stock worth $1,736,348 over the last three months. Corporate insiders own 3.40% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PFGC. Tower Research Capital LLC TRC acquired a new stake in shares of Performance Food Group during the 2nd quarter worth approximately $45,000. Meeder Asset Management Inc. acquired a new stake in shares of Performance Food Group during the 2nd quarter worth approximately $54,000. NEXT Financial Group Inc increased its holdings in shares of Performance Food Group by 12.9% during the 2nd quarter. NEXT Financial Group Inc now owns 2,114 shares of the food distribution company’s stock worth $85,000 after buying an additional 242 shares during the last quarter. Convergence Investment Partners LLC acquired a new stake in Performance Food Group in the 2nd quarter valued at approximately $185,000. Finally, Bailard Inc. acquired a new stake in Performance Food Group in the 3rd quarter valued at approximately $202,000. Institutional investors and hedge funds own 96.89% of the company’s stock.

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, including 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 beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.

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