Performance Food Group (NYSE:PFGC) issued an update on its FY 2019 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.69-1.79 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.77.
PFGC traded up $0.30 during trading on Thursday, hitting $38.18. 1,006,300 shares of the company’s stock traded hands, compared to its average volume of 720,066. The company has a current ratio of 1.53, a quick ratio of 0.78 and a debt-to-equity ratio of 1.05. Performance Food Group has a 12-month low of $28.05 and a 12-month high of $39.45. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 24.79, a P/E/G ratio of 1.15 and a beta of 0.65.
Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, February 6th. The food distribution company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.40 by $0.06. Performance Food Group had a return on equity of 15.52% and a net margin of 1.15%. The business had revenue of $4.62 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period last year, the business posted $0.40 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. As a group, research analysts forecast that Performance Food Group will post 1.76 EPS for the current year.
Performance Food Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, November 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the food distribution company to repurchase up to 7.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
PFGC has been the topic of several recent analyst reports. Zacks Investment Research upgraded Performance Food Group from a strong sell rating to a hold rating in a research note on Wednesday, October 17th. Pivotal Research reiterated a hold rating and set a $31.00 target price on shares of Performance Food Group in a research note on Thursday, November 8th. Buckingham Research started coverage on Performance Food Group in a research note on Monday, October 22nd. They set a buy rating and a $39.00 target price on the stock. Wells Fargo & Co restated a buy rating on shares of Performance Food Group in a research note on Friday, January 11th. Finally, Citigroup started coverage on Performance Food Group in a research note on Friday, December 21st. They issued a buy rating and a $40.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $39.08.
In related news, insider Terry A. West sold 20,372 shares of Performance Food Group stock in a transaction on Friday, November 16th. The stock was sold at an average price of $33.21, for a total transaction of $676,554.12. Following the transaction, the insider now directly owns 24,872 shares in the company, valued at $825,999.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas M. Steenland sold 104,275 shares of Performance Food Group stock in a transaction on 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 transaction, the director now owns 134,365 shares in the company, valued at $4,643,654.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 128,194 shares of company stock worth $4,400,320. Company insiders own 3.80% of the company’s stock.
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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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