Performance Food Group (NYSE:PFGC) Shares Up 14.4% After Strong Earnings

Shares of Performance Food Group Company (NYSE:PFGC) traded up 14.4% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $110.00 and last traded at $110.3980. 955,861 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 1,841,074 shares. The stock had previously closed at $96.51.

The food distribution company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.05. The firm had revenue of $18.02 billion for the quarter, compared to analyst estimates of $18.02 billion. Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $0.60 earnings per share.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PFGC. Sanford C. Bernstein reissued an “outperform” rating on shares of Performance Food Group in a research note on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $133.00 price target on shares of Performance Food Group in a research report on Thursday, August 13th. TD Cowen dropped their price objective on Performance Food Group from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, October 15th. Morgan Stanley lifted their price objective on shares of Performance Food Group from $131.00 to $136.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Finally, UBS Group lowered their target price on shares of Performance Food Group from $132.00 to $130.00 and set a “buy” rating for the company in a report on Friday, August 14th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.00.

Insider Buying and Selling at Performance Food Group

In other Performance Food Group news, insider Chasity D. Grosh sold 1,005 shares of the company’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $92.40, for a total value of $92,862.00. Following the completion of the transaction, the insider owned 5,783 shares in the company, valued at $534,349.20. This represents a 14.81% 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 Erika T. Davis sold 1,320 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total value of $138,982.80. Following the sale, the insider directly owned 40,402 shares of the company’s stock, valued at approximately $4,253,926.58. This represents a 3.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 41,459 shares of company stock valued at $4,317,917 in the last ninety days. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC purchased a new stake in shares of Performance Food Group during the 1st quarter worth approximately $28,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Performance Food Group in the third quarter valued at approximately $31,000. Covestor Ltd lifted its stake in Performance Food Group by 526.6% in the third quarter. Covestor Ltd now owns 495 shares of the food distribution company’s stock valued at $45,000 after purchasing an additional 416 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Performance Food Group during the second quarter valued at $51,000. Finally, Transamerica Financial Advisors LLC bought a new position in Performance Food Group during the second quarter valued at $54,000. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

Performance Food Group Trading Up 14.4%

The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67. The firm has a fifty day simple moving average of $95.49 and a two-hundred day simple moving average of $97.46. The firm has a market capitalization of $17.39 billion, a P/E ratio of 48.03, a price-to-earnings-growth ratio of 1.30 and a beta of 0.91.

About Performance Food Group

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.