Pivotal Research restated their hold rating on shares of Performance Food Group (NYSE:PFGC) in a report released on Thursday. Pivotal Research currently has a $37.00 target price on the food distribution company’s stock.
“2H19 (HOLD) Feb. 7, 2019 BOTTOM LINE: PFGC delivered a solid earnings beat in 2Q19 with strong case growth in the Foodservice segment and continued momentum in Vistar. At this time, PFGC is ahead of plan in relation to FY19 guidance. We’ve updated our estimates which reflect 10% adj. EBITDA growth for FY19. PFGC will benefit in the near-term from recent investments in its sales force. Independent case volume should pick up in 2H19. Even though PFGC’s sales to independents are outpacing the competition, we are still seeing some indications that the outlook for independents is becoming a bit more pressured across the industry. Overall, PFGC is executing at a very high level with underlying case growth across both independents and chains.”,” the firm’s analyst wrote.
Several other equities analysts have also recently commented on PFGC. Zacks Investment Research raised shares of Performance Food Group from a strong sell rating to a hold rating in a research report on Wednesday, October 17th. Buckingham Research initiated coverage on shares of Performance Food Group in a research report on Monday, October 22nd. They issued a buy rating and a $39.00 price target for the company. ValuEngine raised shares of Performance Food Group from a hold rating to a buy rating in a research report on Wednesday, October 24th. Citigroup initiated coverage on shares of Performance Food Group in a research report on Friday, December 21st. They issued a buy rating and a $40.00 price target for the company. Finally, Wells Fargo & Co reissued a buy rating on shares of Performance Food Group in a research report on Friday, January 11th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $39.17.
Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, February 6th. The food distribution company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.06. Performance Food Group had a net margin of 0.94% and a return on equity of 15.39%. The company had revenue of $4.62 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same quarter last year, the company posted $0.40 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. As a group, equities analysts forecast that Performance Food Group will post 1.82 EPS for the current fiscal year.
Performance Food Group announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 14th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the food distribution company to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In related news, insider Carol A. O’connell sold 2,197 shares of Performance Food Group stock in a transaction on Wednesday, November 21st. The shares were sold at an average price of $34.00, for a total transaction of $74,698.00. Following the sale, the insider now directly owns 22,101 shares in the company, valued at approximately $751,434. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas M. Steenland sold 104,275 shares of Performance Food Group stock in a transaction on Friday, November 30th. The stock was sold at an average price of $34.56, for a total transaction of $3,603,744.00. Following the sale, the director now owns 134,365 shares in the company, valued at $4,643,654.40. The disclosure for this sale can be found here. Insiders sold a total of 128,194 shares of company stock worth $4,400,320 over the last 90 days. Company insiders own 3.80% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. California Public Employees Retirement System boosted its holdings in shares of Performance Food Group by 187.4% in the second quarter. California Public Employees Retirement System now owns 139,092 shares of the food distribution company’s stock valued at $5,105,000 after acquiring an additional 90,689 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Performance Food Group in the second quarter valued at about $258,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Performance Food Group by 233.0% in the second quarter. Public Employees Retirement System of Ohio now owns 18,682 shares of the food distribution company’s stock valued at $686,000 after acquiring an additional 13,072 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Performance Food Group by 3.0% in the second quarter. Northern Trust Corp now owns 1,209,437 shares of the food distribution company’s stock valued at $44,387,000 after acquiring an additional 35,181 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of Performance Food Group by 5.8% in the third quarter. Bank of Montreal Can now owns 629,362 shares of the food distribution company’s stock valued at $20,956,000 after acquiring an additional 34,716 shares in the last quarter. 97.01% of the stock is currently owned by 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 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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