Pivotal Research restated their hold rating on shares of Performance Food Group (NYSE:PFGC) in a research note issued to investors on Thursday morning. The brokerage currently has a $31.00 target price on the restaurant operator’s stock.
“We believe the continued focus on independents is increasingly coming at a cost as all of the big three distributors are investing in their sales force. We’ve updated our model and while our revised FY19 EPS est. of $1.70 is below the preliminary guidance range of $1.72-$1.82, the change in our FY19 EBITDA est. isn’t as material based on the updated D&A guidance provided by mgt. At a target multiple of 9-10x EV/EBITDA, the implied valuation range is $28-$33/share. Based on the mid-point of the range, our $31 PT is unchanged.”,” the firm’s analyst commented.
Several other equities research analysts have also recently commented on the stock. BMO Capital Markets cut their price target on shares of Performance Food Group from $40.00 to $38.00 and set a buy rating on the stock in a research report on Thursday. Loop Capital reissued a buy rating and set a $42.00 price target on shares of Performance Food Group in a research report on Wednesday. Royal Bank of Canada boosted their price target on shares of Performance Food Group from $32.00 to $33.00 and gave the stock a sector perform rating in a research report on Friday, August 10th. Guggenheim reissued a buy rating and set a $43.00 price target on shares of Performance Food Group in a research report on Friday, July 20th. Finally, Zacks Investment Research raised shares of Performance Food Group from a hold rating to a buy rating and set a $43.00 price target on the stock in a research report on Friday, July 20th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $38.40.
Shares of NYSE PFGC opened at $33.65 on Thursday. The firm has a market capitalization of $3.81 billion, a P/E ratio of 27.14, a P/E/G ratio of 0.95 and a beta of 0.28. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.51 and a quick ratio of 0.78. Performance Food Group has a 1-year low of $26.35 and a 1-year high of $39.45.
Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, August 15th. The restaurant operator reported $0.53 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.07). Performance Food Group had a return on equity of 15.76% and a net margin of 1.00%. The business had revenue of $4.59 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the firm earned $0.48 earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. sell-side analysts expect that Performance Food Group will post 1.6 earnings per share for the current year.
In other news, insider Craig Howard Hoskins sold 10,500 shares of the company’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $35.10, for a total value of $368,550.00. Following the sale, the insider now directly owns 122,261 shares of the company’s stock, valued at approximately $4,291,361.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Carol A. O’connell sold 6,939 shares of the company’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $36.77, for a total transaction of $255,147.03. Following the completion of the sale, the insider now directly owns 50,474 shares in the company, valued at $1,855,928.98. The disclosure for this sale can be found here. Insiders have sold a total of 103,820 shares of company stock worth $3,738,453 over the last three months. Insiders own 3.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in Performance Food Group in the 2nd quarter valued at about $258,000. California Public Employees Retirement System grew its stake in Performance Food Group by 187.4% in the 2nd quarter. California Public Employees Retirement System now owns 139,092 shares of the restaurant operator’s stock valued at $5,105,000 after buying an additional 90,689 shares during the last quarter. Millennium Management LLC grew its stake in Performance Food Group by 202.6% in the 2nd quarter. Millennium Management LLC now owns 705,332 shares of the restaurant operator’s stock valued at $25,886,000 after buying an additional 472,273 shares during the last quarter. Scopus Asset Management L.P. grew its stake in Performance Food Group by 420.0% in the 2nd quarter. Scopus Asset Management L.P. now owns 520,000 shares of the restaurant operator’s stock valued at $19,084,000 after buying an additional 420,000 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Performance Food Group by 620.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,419 shares of the restaurant operator’s stock valued at $236,000 after buying an additional 5,528 shares during the last quarter. Institutional investors and hedge funds own 94.74% of the company’s stock.
About Performance Food Group
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, such as 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 seafood products, shortenings and oils, baked goods, and salad dressings.
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