Piper Sandler Forecasts Strong Price Appreciation for Performance Food Group (NYSE:PFGC) Stock

Performance Food Group (NYSE:PFGC) had its price target raised by Piper Sandler from $79.00 to $92.00 in a research report report published on Monday,Benzinga reports. The firm currently has an overweight rating on the food distribution company’s stock.

Several other research analysts have also recently issued reports on PFGC. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 target price on shares of Performance Food Group in a report on Monday, October 28th. UBS Group raised their price target on shares of Performance Food Group from $98.00 to $102.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Truist Financial raised 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. Guggenheim raised their price target on shares of Performance Food Group from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, StockNews.com cut shares of Performance Food Group from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.27.

Performance Food Group Stock Up 2.8 %

Shares of Performance Food Group stock opened at $86.39 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.70 and a quick ratio of 0.73. Performance Food Group has a 1 year low of $61.59 and a 1 year high of $89.00. The firm’s 50-day moving average is $81.05 and its two-hundred day moving average is $73.17. The stock has a market cap of $13.46 billion, a price-to-earnings ratio of 31.88, a PEG ratio of 0.89 and a beta of 1.44.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, November 6th. The food distribution company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.06). Performance Food Group had a return on equity of 16.66% and a net margin of 0.72%. The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $15.22 billion. During the same quarter in the previous year, the company earned $1.15 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. As a group, research analysts expect that Performance Food Group will post 4.73 earnings per share for the current fiscal year.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider Patrick T. Hagerty sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $74.56, for a total transaction of $596,480.00. Following the completion of the transaction, the insider now directly owns 162,987 shares of the company’s stock, valued at approximately $12,152,310.72. This trade represents a 4.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Performance Food Group

A number of institutional investors have recently bought and sold shares of PFGC. Capital World Investors increased its holdings in shares of Performance Food Group by 0.5% during the 1st quarter. Capital World Investors now owns 21,527,096 shares of the food distribution company’s stock valued at $1,606,782,000 after purchasing an additional 100,244 shares in the last quarter. FMR LLC grew its stake in Performance Food Group by 26.3% in the 3rd quarter. FMR LLC now owns 13,312,402 shares of the food distribution company’s stock valued at $1,043,293,000 after acquiring an additional 2,773,547 shares during the period. State Street Corp grew its stake in Performance Food Group by 2.2% in the 3rd quarter. State Street Corp now owns 4,596,105 shares of the food distribution company’s stock valued at $360,197,000 after acquiring an additional 97,069 shares during the period. Holocene Advisors LP grew its stake in Performance Food Group by 32.0% in the 3rd quarter. Holocene Advisors LP now owns 2,988,053 shares of the food distribution company’s stock valued at $234,174,000 after acquiring an additional 724,094 shares during the period. Finally, Geode Capital Management LLC grew its stake in Performance Food Group by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,587,054 shares of the food distribution company’s stock valued at $202,803,000 after acquiring an additional 36,385 shares during the period. 96.87% of the stock is owned by hedge funds and other 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.