Morgan Stanley Lowers Performance Food Group (NYSE:PFGC) to Equal Weight
Morgan Stanley downgraded shares of Performance Food Group (NYSE:PFGC – Get Rating) from an overweight rating to an equal weight rating in a report issued on Tuesday morning, The Fly reports. The brokerage currently has a $66.00 target price on the food distribution company’s stock, down from their prior target price of $74.00.
A number of other research analysts have also weighed in on PFGC. Truist Financial lifted their price target on shares of Performance Food Group from $75.00 to $80.00 in a research note on Friday, May 12th. TheStreet upgraded shares of Performance Food Group from a c+ rating to ab rating in a report on Monday, March 20th. StockNews.com upgraded shares of Performance Food Group from a hold rating to a buy rating in a report on Thursday, May 11th. Finally, Stephens reiterated an overweight rating and issued a $68.00 price objective on shares of Performance Food Group in a report on Friday, February 24th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $72.20.
Performance Food Group Trading Down 2.7 %
Shares of PFGC stock opened at $54.79 on Tuesday. Performance Food Group has a 52-week low of $41.11 and a 52-week high of $63.22. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 26.34 and a beta of 1.36. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.75 and a current ratio of 1.69. The firm has a fifty day moving average of $58.66 and a 200-day moving average of $58.83.
Performance Food Group (NYSE:PFGC – Get Rating) last announced its earnings results on Wednesday, May 10th. The food distribution company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.12. The business had revenue of $13.77 billion during the quarter, compared to analysts’ expectations of $13.94 billion. Performance Food Group had a net margin of 0.57% and a return on equity of 17.20%. On average, equity research analysts forecast that Performance Food Group will post 3.88 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Performance Food Group news, insider George L. Holm sold 2,680 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $60.06, for a total value of $160,960.80. Following the completion of the sale, the insider now owns 658,400 shares in the company, valued at $39,543,504. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via the SEC website. In other Performance Food Group news, insider George L. Holm sold 2,680 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $60.06, for a total value of $160,960.80. Following the completion of the transaction, the insider now owns 658,400 shares in the company, valued at $39,543,504. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Patrick T. Hagerty sold 2,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $55.91, for a total value of $111,820.00. Following the completion of the sale, the insider now directly owns 151,790 shares in the company, valued at $8,486,578.90. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.
Hedge Funds Weigh In On Performance Food Group
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Performance Food Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 15,062,328 shares of the food distribution company’s stock worth $766,824,000 after acquiring an additional 155,981 shares in the last quarter. BlackRock Inc. grew its stake in Performance Food Group by 0.3% during the 1st quarter. BlackRock Inc. now owns 13,608,782 shares of the food distribution company’s stock worth $821,154,000 after buying an additional 44,032 shares during the last quarter. Wellington Management Group LLP grew its stake in Performance Food Group by 11.3% during the 1st quarter. Wellington Management Group LLP now owns 13,298,661 shares of the food distribution company’s stock worth $677,034,000 after buying an additional 1,349,095 shares during the last quarter. Clearbridge Investments LLC grew its stake in Performance Food Group by 4.7% during the 1st quarter. Clearbridge Investments LLC now owns 5,481,192 shares of the food distribution company’s stock worth $279,047,000 after buying an additional 248,404 shares during the last quarter. Finally, Morgan Stanley grew its stake in Performance Food Group by 106.4% during the 4th quarter. Morgan Stanley now owns 4,921,712 shares of the food distribution company’s stock worth $287,379,000 after buying an additional 2,536,638 shares during the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.
Performance Food Group Company Profile
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Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products.
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