TD Cowen Cuts Performance Food Group (NYSE:PFGC) Price Target to $115.00

Performance Food Group (NYSE:PFGC) had its price target cut by TD Cowen from $120.00 to $115.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the food distribution company’s stock.

Several other brokerages also recently commented on PFGC. BMO Capital Markets reiterated an “outperform” rating on shares of Performance Food Group in a research note on Thursday, August 13th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $133.00 price target on shares of Performance Food Group in a research note on Thursday, August 13th. Guggenheim raised their price target on Performance Food Group from $115.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 29th. Weiss Ratings raised shares of Performance Food Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 27th. Finally, Wells Fargo & Company lifted 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 report on Tuesday, July 14th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $126.40.

Performance Food Group Stock Up 0.1%

Shares of PFGC stock opened at $94.07 on Friday. Performance Food Group has a 52-week low of $80.82 and a 52-week high of $117.47. The stock has a market cap of $14.82 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 1.20 and a beta of 0.88. The firm’s 50-day moving average is $107.66 and its 200-day moving average is $98.72. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.51.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings results on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.01). The business had revenue of $18.03 billion for the quarter, compared to the consensus estimate of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 EPS. Sell-side analysts predict that Performance Food Group will post 5.6 EPS for the current year.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider Chasity D. Grosh sold 643 shares of Performance Food Group stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $104.42, for a total value of $67,142.06. Following the completion of the sale, the insider owned 7,222 shares in the company, valued at $754,121.24. The trade was a 8.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hugh Hatcher sold 3,000 shares of Performance Food Group stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $99.18, for a total transaction of $297,540.00. Following the completion of the sale, the insider owned 58,167 shares of the company’s stock, valued at approximately $5,769,003.06. The trade was a 4.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 43,049 shares of company stock valued at $4,510,505. 4.50% of the stock is currently owned by insiders.

Institutional Trading of Performance Food Group

Large investors have recently made changes to their positions in the company. Capital World Investors raised its position in Performance Food Group by 1.0% during the fourth quarter. Capital World Investors now owns 22,663,573 shares of the food distribution company’s stock valued at $2,037,910,000 after purchasing an additional 216,720 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Performance Food Group by 10,766.1% in the 2nd quarter. California State Teachers Retirement System now owns 19,960,216 shares of the food distribution company’s stock valued at $2,231,353,000 after purchasing an additional 19,776,523 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Performance Food Group in the 2nd quarter valued at $1,576,983,000. Wellington Management Group LLP increased its stake in shares of Performance Food Group by 46.2% in the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock valued at $646,447,000 after purchasing an additional 1,964,799 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Performance Food Group by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,803,918 shares of the food distribution company’s stock worth $252,207,000 after buying an additional 36,031 shares in the last quarter. 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 food and food-related products distributor serving businesses across the United States and Canada. The company supplies restaurants, foodservice operators, schools, healthcare facilities, hospitality businesses, vending and entertainment venues, and convenience stores.

Performance Food Group operates through three primary businesses: Foodservice, Vistar and Convenience. Its offerings include fresh and frozen foods, dry groceries, beverages, ingredients, disposable supplies, and specialty products such as candy, snacks and theater concessions.