Morgan Stanley Forecasts Strong Price Appreciation for Performance Food Group (NYSE:PFGC) Stock

Performance Food Group (NYSE:PFGC) had its target price lifted by investment analysts at Morgan Stanley from $94.00 to $96.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the food distribution company’s stock. Morgan Stanley’s price target indicates a potential upside of 9.39% from the stock’s previous close.

Several other brokerages also recently commented on PFGC. Guggenheim upped 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. Piper Sandler upped their target price on Performance Food Group from $79.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. UBS Group raised their price target on Performance Food Group from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Melius initiated coverage on Performance Food Group in a research report on Wednesday, December 18th. They issued a “hold” rating and a $95.00 price objective on the stock. Finally, BMO Capital Markets boosted their target price on shares of Performance Food Group from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Performance Food Group presently has an average rating of “Moderate Buy” and an average target price of $94.67.

Performance Food Group Trading Up 0.9 %

PFGC stock opened at $87.76 on Tuesday. The firm has a market cap of $13.67 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 0.94 and a beta of 1.43. The firm has a fifty day moving average price of $86.37 and a 200 day moving average price of $78.27. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.73 and a current ratio of 1.70. Performance Food Group has a fifty-two week low of $61.60 and a fifty-two week high of $92.44.

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

Insiders Place Their Bets

In other Performance Food Group news, insider Craig Howard Hoskins sold 20,496 shares of Performance Food Group stock in a transaction dated 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 completion of the sale, the insider now owns 172,372 shares of the company’s stock, valued at approximately $14,582,671.20. The trade was a 10.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.80% of the stock is owned by insiders.

Institutional Trading of Performance Food Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its position in Performance Food Group by 26.3% during the third quarter. FMR LLC now owns 13,312,402 shares of the food distribution company’s stock valued at $1,043,293,000 after purchasing an additional 2,773,547 shares during the period. Holocene Advisors LP lifted its holdings in shares of 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 buying an additional 724,094 shares during the period. Primecap Management Co. CA boosted its stake in shares of Performance Food Group by 29.1% in the third quarter. Primecap Management Co. CA now owns 2,098,330 shares of the food distribution company’s stock worth $164,446,000 after buying an additional 473,050 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Performance Food Group by 11.8% during the third quarter. JPMorgan Chase & Co. now owns 3,812,602 shares of the food distribution company’s stock worth $298,794,000 after acquiring an additional 401,235 shares during the period. Finally, Point72 Asset Management L.P. raised its position in Performance Food Group by 27.8% during the second quarter. Point72 Asset Management L.P. now owns 1,710,679 shares of the food distribution company’s stock valued at $113,093,000 after acquiring an additional 372,218 shares in the last quarter. Institutional investors and hedge funds own 96.87% 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 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.