Pivotal Research Reiterates “Hold” Rating for Performance Food Group (PFGC)

Performance Food Group (NYSE:PFGC)‘s stock had its “hold” rating restated by stock analysts at Pivotal Research in a note issued to investors on Thursday. They presently have a $31.00 price objective on the restaurant operator’s stock. Pivotal Research’s price target indicates a potential downside of 5.00% from the stock’s current price.

The analysts wrote, “We don’t have substantive changes to our FY19 estimates following PFGC’s 1Q19 results. For FY20, we have revised our EBITDA est. to $500 million (from $530 million previously). Mgt. had already telegraphed that growth would be subdued in 1H19 based on continued investments in warehouse personnel, drivers, and new salespeople. Based on the consolidation of reporting segments, the EBITDA growth was again disproportionately driven by the Vistar segment with the core Foodservice segment down by 5% from last year. We are keeping our price target unchanged at $31. The most meaningful takeaway from the earnings call was some confirmation that same-store sales trends have started to soften with independents.””

Other analysts have also issued research reports about the stock. Wells Fargo & Co raised their price target on shares of Performance Food Group from $40.00 to $46.00 and gave the company a “$38.15” rating in a report on Wednesday, July 18th. BMO Capital Markets reduced their price objective on shares of Performance Food Group from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, August 16th. Loop Capital reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Performance Food Group in a research note on Wednesday, August 15th. Guggenheim reaffirmed a “buy” rating and issued a $43.00 price objective on shares of Performance Food Group in a research note 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 objective on the stock in a research note on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $38.45.

Shares of Performance Food Group stock opened at $32.63 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 0.78. The company has a market capitalization of $3.44 billion, a P/E ratio of 20.32, a P/E/G ratio of 1.08 and a beta of 0.54. Performance Food Group has a fifty-two week low of $27.35 and a fifty-two week high of $39.45.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, November 7th. The restaurant operator reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The business had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.54 billion. Performance Food Group had a net margin of 1.15% and a return on equity of 15.86%. Performance Food Group’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 earnings per share. Equities analysts predict that Performance Food Group will post 1.74 earnings per share for the current fiscal year.

In other news, insider Patrick T. Hagerty sold 8,083 shares of Performance Food Group stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $33.20, for a total transaction of $268,355.60. Following the transaction, the insider now directly owns 182,450 shares of the company’s stock, valued at $6,057,340. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Carol A. O’connell sold 4,505 shares of Performance Food Group stock in a transaction on Monday, September 24th. The stock was sold at an average price of $34.00, for a total transaction of $153,170.00. Following the transaction, the insider now directly owns 20,891 shares in the company, valued at $710,294. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,294 shares of company stock worth $2,263,070. Insiders own 3.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Globeflex Capital L P boosted its position in shares of Performance Food Group by 6.4% during the third quarter. Globeflex Capital L P now owns 102,697 shares of the restaurant operator’s stock worth $3,420,000 after purchasing an additional 6,195 shares in the last quarter. Martingale Asset Management L P boosted its position in shares of Performance Food Group by 9.4% during the third quarter. Martingale Asset Management L P now owns 178,571 shares of the restaurant operator’s stock worth $5,947,000 after purchasing an additional 15,324 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Performance Food Group by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 903,488 shares of the restaurant operator’s stock worth $30,087,000 after purchasing an additional 6,387 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of Performance Food Group by 22.7% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 36,250 shares of the restaurant operator’s stock worth $1,207,000 after purchasing an additional 6,700 shares in the last quarter. Finally, Commonwealth Bank of Australia boosted its position in shares of Performance Food Group by 112.0% during the third quarter. Commonwealth Bank of Australia now owns 51,300 shares of the restaurant operator’s stock worth $1,702,000 after purchasing an additional 27,100 shares in the last quarter. 94.51% of the stock is currently owned by institutional investors.

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, 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: Liquidity

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.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit