Performance Food Group (NYSE:PFGC) issued its quarterly earnings results on Wednesday. The food distribution company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06, MarketWatch Earnings reports. Performance Food Group had a net margin of 1.15% and a return on equity of 15.52%. The business had revenue of $4.62 billion for the quarter, compared to analysts’ expectations of $4.50 billion. During the same period last year, the business earned $0.40 earnings per share. The business’s quarterly revenue was up 7.1% on a year-over-year basis. Performance Food Group updated its FY 2019 guidance to $1.69-1.79 EPS.
Shares of NYSE PFGC traded up $1.92 during trading on Wednesday, reaching $37.28. The stock had a trading volume of 24,640 shares, compared to its average volume of 615,304. Performance Food Group has a fifty-two week low of $28.05 and a fifty-two week high of $39.45. The company has a current ratio of 1.53, a quick ratio of 0.78 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $3.69 billion, a PE ratio of 24.20, a PEG ratio of 1.14 and a beta of 0.65.
In other Performance Food Group news, insider Carol A. O’connell sold 2,197 shares of Performance Food Group stock in a transaction dated Wednesday, November 21st. The stock was sold at an average price of $34.00, for a total transaction of $74,698.00. Following the completion of the sale, the insider now directly owns 22,101 shares of the company’s stock, valued at approximately $751,434. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas M. Steenland sold 104,275 shares of the business’s stock in a transaction dated Friday, November 30th. The shares were sold at an average price of $34.56, for a total value of $3,603,744.00. Following the completion of the sale, the director now directly owns 134,365 shares of the company’s stock, valued at $4,643,654.40. The disclosure for this sale can be found here. Insiders sold 128,194 shares of company stock valued at $4,400,320 over the last ninety days. Insiders own 3.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of PFGC. California Public Employees Retirement System increased its position in Performance Food Group by 187.4% during the 2nd quarter. California Public Employees Retirement System now owns 139,092 shares of the food distribution company’s stock worth $5,105,000 after purchasing an additional 90,689 shares during the period. Jane Street Group LLC purchased a new position in shares of Performance Food Group during the 2nd quarter worth $258,000. WINTON GROUP Ltd purchased a new position in shares of Performance Food Group during the 2nd quarter worth $219,000. Public Employees Retirement System of Ohio lifted its stake in shares of Performance Food Group by 233.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 18,682 shares of the food distribution company’s stock worth $686,000 after purchasing an additional 13,072 shares during the period. Finally, Northern Trust Corp raised its position in shares of Performance Food Group by 3.0% in the 2nd quarter. Northern Trust Corp now owns 1,209,437 shares of the food distribution company’s stock worth $44,387,000 after buying an additional 35,181 shares during the period. 96.62% of the stock is owned by institutional investors and hedge funds.
Performance Food Group announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the food distribution company to purchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
Several equities research analysts recently commented on PFGC shares. ValuEngine upgraded Performance Food Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Buckingham Research assumed coverage on Performance Food Group in a research note on Monday, October 22nd. They issued a “buy” rating and a $39.00 price target for the company. Citigroup assumed coverage on Performance Food Group in a research note on Friday, December 21st. They issued a “buy” rating and a $40.00 price target for the company. Wells Fargo & Co reiterated a “buy” rating on shares of Performance Food Group in a research note on Friday, January 11th. Finally, Pivotal Research reiterated a “hold” rating and issued a $31.00 price target on shares of Performance Food Group in a research note on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $38.58.
Performance Food Group Company Profile
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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