Morgan Stanley Begins Coverage on Performance Food Group (NYSE:PFGC)

Research analysts at Morgan Stanley began coverage on shares of Performance Food Group (NYSE:PFGC) in a report released on Tuesday. The brokerage set an “overweight” rating on the food distribution company’s stock.

Several other equities analysts have also commented on the stock. Piper Sandler decreased their price objective on shares of Performance Food Group from $116.00 to $111.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Citigroup decreased their price target on Performance Food Group from $134.00 to $127.00 and set a “buy” rating on the stock in a research note on Wednesday, January 7th. Wall Street Zen lowered Performance Food Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 4th. UBS Group reiterated a “buy” rating and issued a $120.00 price objective on shares of Performance Food Group in a report on Friday, December 19th. Finally, Guggenheim reissued a “buy” rating on shares of Performance Food Group in a research note on Thursday, December 18th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $118.22.

Performance Food Group Stock Up 0.3%

PFGC opened at $95.65 on Tuesday. The company has a market cap of $15.00 billion, a PE ratio of 45.98, a price-to-earnings-growth ratio of 1.16 and a beta of 0.93. Performance Food Group has a twelve month low of $68.39 and a twelve month high of $109.05. The company has a 50-day moving average price of $93.09 and a 200 day moving average price of $97.83. The company has a quick ratio of 0.70, a current ratio of 1.67 and a debt-to-equity ratio of 1.55.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings data on Wednesday, November 5th. The food distribution company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.02. Performance Food Group had a return on equity of 15.97% and a net margin of 0.50%.The company had revenue of $17.08 billion for the quarter, compared to analyst estimates of $16.87 billion. During the same quarter last year, the firm posted $1.16 EPS. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. Sell-side analysts expect that Performance Food Group will post 4.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Performance Food Group

Hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in Performance Food Group by 30.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 791,881 shares of the food distribution company’s stock worth $62,266,000 after purchasing an additional 184,066 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Performance Food Group during the first quarter worth about $359,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Performance Food Group by 12.0% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,959 shares of the food distribution company’s stock worth $618,000 after buying an additional 747 shares during the last quarter. UMB Bank n.a. increased its position in Performance Food Group by 42.0% in the 2nd quarter. UMB Bank n.a. now owns 1,660 shares of the food distribution company’s stock valued at $145,000 after acquiring an additional 491 shares during the period. Finally, GAMMA Investing LLC raised its stake in Performance Food Group by 43.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,877 shares of the food distribution company’s stock valued at $252,000 after acquiring an additional 865 shares during the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Company Profile

Performance Food Group Company (NYSE: PFGC) is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.