Morgan Stanley Issues Positive Forecast for Performance Food Group (NYSE:PFGC) Stock Price

Performance Food Group (NYSE:PFGC) had its price objective lifted by Morgan Stanley from $94.00 to $96.00 in a report published on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the food distribution company’s stock.

A number of other equities research analysts have also commented on the company. Jefferies Financial Group raised their price target on Performance Food Group from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Wells Fargo & Company raised their target price on shares of Performance Food Group from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Truist Financial upped their price target on shares of Performance Food Group from $88.00 to $101.00 and gave the company a “buy” rating in a report on Friday, November 8th. Melius Research upgraded shares of Performance Food Group to a “hold” rating in a report on Wednesday, December 18th. Finally, Melius assumed coverage on shares of Performance Food Group in a research note on Wednesday, December 18th. They issued a “hold” rating and a $95.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Performance Food Group has a consensus rating of “Moderate Buy” and an average target price of $94.67.

Performance Food Group Stock Up 1.6 %

Shares of NYSE PFGC opened at $89.12 on Tuesday. The firm has a 50 day moving average price of $86.38 and a 200 day moving average price of $78.43. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.73 and a current ratio of 1.70. The stock has a market cap of $13.88 billion, a P/E ratio of 32.88, a P/E/G ratio of 0.94 and a beta of 1.43. Performance Food Group has a 52-week low of $61.60 and a 52-week high of $92.44.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data on Wednesday, November 6th. The food distribution company reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.06). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $15.22 billion. Performance Food Group had a net margin of 0.72% and a return on equity of 16.66%. Performance Food Group’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. Analysts expect that Performance Food Group will post 4.74 EPS for the current year.

Insider Transactions at Performance Food Group

In other news, insider Craig Howard Hoskins sold 20,496 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $84.60, for a total transaction of $1,733,961.60. Following the sale, the insider now owns 172,372 shares in the company, valued at $14,582,671.20. This represents a 10.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Performance Food Group

Several hedge funds and other institutional investors have recently made changes to their positions in PFGC. Massachusetts Financial Services Co. MA bought a new position in shares of Performance Food Group in the second quarter valued at about $357,000. Vanguard Personalized Indexing Management LLC grew its position in shares of Performance Food Group by 7.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 15,275 shares of the food distribution company’s stock worth $1,010,000 after purchasing an additional 1,090 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Performance Food Group by 115.4% during the second quarter. Hsbc Holdings PLC now owns 34,025 shares of the food distribution company’s stock worth $2,253,000 after purchasing an additional 18,229 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Performance Food Group by 5,763.6% during the second quarter. Canada Pension Plan Investment Board now owns 64,500 shares of the food distribution company’s stock worth $4,264,000 after purchasing an additional 63,400 shares during the period. Finally, Sei Investments Co. raised its position in shares of Performance Food Group by 7.3% in the second quarter. Sei Investments Co. now owns 281,688 shares of the food distribution company’s stock valued at $18,622,000 after buying an additional 19,116 shares in the last quarter. 96.87% of the stock is 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 through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products.