Performance Food Group (NYSE:PFGC) Shares Gap Down Following Weak Earnings

Performance Food Group (NYSE:PFGC) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $90.60, but opened at $86.96. Performance Food Group shares last traded at $89.61, with a volume of 154,586 shares changing hands.

The food distribution company reported $0.98 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.06). Performance Food Group had a net margin of 0.72% and a return on equity of 16.66%.

Analysts Set New Price Targets

PFGC has been the topic of several recent analyst reports. Piper Sandler raised their price target on Performance Food Group from $79.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, November 18th. StockNews.com downgraded shares of Performance Food Group from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Morgan Stanley boosted their price target on shares of Performance Food Group from $94.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Wells Fargo & Company raised their price objective on shares of Performance Food Group from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Finally, BMO Capital Markets upped their target price on shares of Performance Food Group from $87.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.67.

Insider Activity

In related news, insider Craig Howard Hoskins sold 20,496 shares of Performance Food Group stock in a transaction on Friday, December 20th. The shares were sold at an average price of $84.60, for a total value of $1,733,961.60. Following the transaction, the insider now directly owns 172,372 shares of the company’s stock, valued at $14,582,671.20. The trade was a 10.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Performance Food Group

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of 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 acquiring an additional 2,773,547 shares during the last quarter. Holocene Advisors LP increased its holdings in Performance Food Group by 32.0% during 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 purchasing an additional 724,094 shares during the period. Primecap Management Co. CA raised its position in Performance Food Group by 29.1% during the 3rd quarter. Primecap Management Co. CA now owns 2,098,330 shares of the food distribution company’s stock valued at $164,446,000 after purchasing an additional 473,050 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Performance Food Group by 11.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,812,602 shares of the food distribution company’s stock worth $298,794,000 after buying an additional 401,235 shares during the period. Finally, TimesSquare Capital Management LLC grew its position in shares of Performance Food Group by 658.3% in the 4th quarter. TimesSquare Capital Management LLC now owns 460,105 shares of the food distribution company’s stock worth $38,902,000 after buying an additional 399,430 shares during the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Stock Down 2.8 %

The company has a debt-to-equity ratio of 1.12, a current ratio of 1.70 and a quick ratio of 0.73. The stock has a market capitalization of $13.72 billion, a PE ratio of 32.49, a PEG ratio of 0.97 and a beta of 1.44. The company has a 50 day moving average price of $87.32 and a 200-day moving average price of $80.43.

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.