Performance Food Group (PFGC) Lowered to “Hold” at Zacks Investment Research

Performance Food Group (NYSE:PFGC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and 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. “

Several other equities analysts also recently commented on the stock. Bank of America assumed coverage on shares of Performance Food Group in a research report on Wednesday, April 17th. They set a “buy” rating and a $45.00 target price on the stock. Pivotal Research reissued a “hold” rating and set a $37.00 target price on shares of Performance Food Group in a research report on Thursday, February 7th. ValuEngine raised shares of Performance Food Group from a “hold” rating to a “buy” rating in a research report on Thursday, February 7th. Finally, Wells Fargo & Co reissued a “buy” rating on shares of Performance Food Group in a research report on Friday, January 11th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $40.00.

NYSE PFGC opened at $39.24 on Friday. Performance Food Group has a 1-year low of $28.05 and a 1-year high of $41.85. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.79 and a current ratio of 1.57. The firm has a market capitalization of $4.33 billion, a PE ratio of 25.48, a P/E/G ratio of 1.90 and a beta of 0.70.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings results on Wednesday, May 8th. The food distribution company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). Performance Food Group had a return on equity of 15.39% and a net margin of 0.94%. The company had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the company posted $0.34 earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts predict that Performance Food Group will post 1.81 EPS for the current year.

In other Performance Food Group news, insider Patrick T. Hagerty sold 7,000 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $39.71, for a total transaction of $277,970.00. Following the completion of the sale, the insider now directly owns 169,456 shares in the company, valued at $6,729,097.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick T. Hagerty sold 7,450 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $40.85, for a total transaction of $304,332.50. Following the sale, the insider now owns 169,006 shares of the company’s stock, valued at $6,903,895.10. The disclosure for this sale can be found here. Insiders have sold 25,609 shares of company stock worth $1,026,605 over the last three months. Company insiders own 3.80% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Stone Ridge Asset Management LLC increased its holdings in shares of Performance Food Group by 8.3% during the fourth quarter. Stone Ridge Asset Management LLC now owns 74,522 shares of the food distribution company’s stock worth $2,405,000 after buying an additional 5,700 shares in the last quarter. Citigroup Inc. grew its holdings in Performance Food Group by 76.2% during the 4th quarter. Citigroup Inc. now owns 33,159 shares of the food distribution company’s stock worth $1,070,000 after acquiring an additional 14,335 shares during the period. First Trust Advisors LP grew its holdings in Performance Food Group by 285.8% during the 4th quarter. First Trust Advisors LP now owns 157,091 shares of the food distribution company’s stock worth $5,069,000 after acquiring an additional 116,375 shares during the period. Chicago Equity Partners LLC grew its holdings in Performance Food Group by 21.2% during the 4th quarter. Chicago Equity Partners LLC now owns 142,895 shares of the food distribution company’s stock worth $4,611,000 after acquiring an additional 24,955 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Performance Food Group by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 8,877,421 shares of the food distribution company’s stock worth $295,618,000 after acquiring an additional 304,740 shares during the period. Institutional investors own 97.17% 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, 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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