Performance Food Group (NYSE:PFGC) Upgraded to Hold at Zacks Investment Research

Performance Food Group (NYSE:PFGC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday, 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. “

PFGC has been the topic of several other reports. BMO Capital Markets boosted their price objective on shares of Performance Food Group to $52.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Guggenheim reaffirmed a “buy” rating and issued a $50.00 price objective (up from $46.00) on shares of Performance Food Group in a research report on Thursday, August 15th. ValuEngine raised shares of Performance Food Group from a “sell” rating to a “hold” rating in a research report on Wednesday. Buckingham Research boosted their price objective on shares of Performance Food Group from $47.00 to $53.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Performance Food Group in a research report on Friday, September 27th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Performance Food Group presently has an average rating of “Buy” and an average target price of $48.10.

Shares of NYSE PFGC traded down $1.61 during midday trading on Friday, reaching $44.14. 706,952 shares of the stock were exchanged, compared to its average volume of 630,763. The business has a 50-day simple moving average of $44.07 and a two-hundred day simple moving average of $42.74. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of 23.86, a P/E/G ratio of 1.89 and a beta of 0.60. Performance Food Group has a 12 month low of $30.07 and a 12 month high of $47.26. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.57 and a quick ratio of 0.77.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings results on Wednesday, November 6th. The food distribution company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.15. The company had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Performance Food Group had a net margin of 0.84% and a return on equity of 15.86%. The business’s quarterly revenue was up 37.5% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. Equities research analysts expect that Performance Food Group will post 1.98 earnings per share for the current fiscal year.

In other Performance Food Group news, insider Craig Howard Hoskins sold 17,009 shares of Performance Food Group stock in a transaction 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 sale, the insider now directly owns 123,802 shares in the company, valued at approximately $5,436,145.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christine R. Vlahcevic sold 7,879 shares of Performance Food Group stock in a transaction on Friday, August 16th. The shares were sold at an average price of $45.27, for a total transaction of $356,682.33. Following the completion of the sale, the insider now owns 19,807 shares in the company, valued at $896,662.89. The disclosure for this sale can be found here. Insiders sold a total of 31,888 shares of company stock worth $1,429,538 over the last ninety days. 3.40% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of PFGC. BlackRock Inc. increased its stake in Performance Food Group by 17.2% in the 2nd quarter. BlackRock Inc. now owns 8,872,029 shares of the food distribution company’s stock valued at $355,150,000 after buying an additional 1,301,033 shares during the last quarter. Nuveen Asset Management LLC increased its stake in Performance Food Group by 17,407.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,291,894 shares of the food distribution company’s stock valued at $51,715,000 after buying an additional 1,284,515 shares during the last quarter. Macquarie Group Ltd. increased its stake in Performance Food Group by 114.4% in the 2nd quarter. Macquarie Group Ltd. now owns 1,086,874 shares of the food distribution company’s stock valued at $43,507,000 after buying an additional 579,844 shares during the last quarter. APG Asset Management N.V. increased its stake in Performance Food Group by 142.2% in the 2nd quarter. APG Asset Management N.V. now owns 986,400 shares of the food distribution company’s stock valued at $34,673,000 after buying an additional 579,200 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Performance Food Group in the 2nd quarter valued at $14,178,000. Hedge funds and other institutional investors own 97.15% of the company’s stock.

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.

Featured Story: The benefits and drawbacks of dollar cost averaging

Get a free copy of the Zacks research report on Performance Food Group (PFGC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Performance Food Group (NYSE:PFGC)

Receive News & Ratings for Performance Food Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Performance Food Group and related companies with MarketBeat.com's FREE daily email newsletter.