Zacks Investment Research Lowers Performance Food Group (NYSE:PFGC) to Sell

Zacks Investment Research lowered shares of Performance Food Group (NYSE:PFGC) from a hold rating to a sell rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Performance Food Group Company markets and distributes food and food-related products. Its operating segment consists of Foodservice, Vistar, and PFG Customized. Foodservice segment offers appetizers and soups, beverages, canned and dry foods, cheese, dairy products and eggs, desserts and breads, dressing sauces and oils, non-foods, pizzas and pastas, prepared foods, produce and vegetables and seafood products. Vistar segment offers candies, gum and mints, snacks, cold beverages, frozen products, coffees, ice creams, frozen and refrigerated entrees, disposables, cleaners and more. PFG Customized segment offers seafood, meats, produce, dairy products and smallwares. The company serves independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions. Performance Food Group Company is headquartered in Richmond, Virginia. “

A number of other research analysts have also recently issued reports on the company. Loop Capital set a $48.00 price objective on Performance Food Group and gave the company a buy rating in a research note on Friday, July 5th. Bank of America reaffirmed a buy rating and set a C$10.00 price objective on shares of Hexo in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $41.64.



Shares of NYSE:PFGC opened at $43.21 on Wednesday. The company’s 50-day moving average is $40.30. Performance Food Group has a 12-month low of $28.05 and a 12-month high of $43.78. The company has a market capitalization of $4.47 billion, a PE ratio of 25.29, a P/E/G ratio of 1.84 and a beta of 0.66. The company has a quick ratio of 0.75, a current ratio of 1.45 and a debt-to-equity ratio of 0.95.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings data on Wednesday, May 8th. The food distribution company reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). Performance Food Group had a net margin of 0.91% and a return on equity of 14.91%. The company had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period last year, the business posted $0.34 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, research analysts expect that Performance Food Group will post 1.78 EPS for the current fiscal year.

In other news, insider Patrick T. Hagerty sold 7,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $40.22, for a total transaction of $281,540.00. Following the completion of the sale, the insider now directly owns 148,506 shares in the company, valued at $5,972,911.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Patrick T. Hagerty sold 7,450 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $40.85, for a total transaction of $304,332.50. Following the sale, the insider now owns 169,006 shares of the company’s stock, valued at $6,903,895.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,450 shares of company stock valued at $858,803. 3.80% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of the company. FMR LLC boosted its holdings in shares of Performance Food Group by 12.2% during the fourth quarter. FMR LLC now owns 8,899,049 shares of the food distribution company’s stock worth $287,173,000 after purchasing an additional 966,672 shares during the period. BlackRock Inc. lifted its holdings in Performance Food Group by 2.9% in the first quarter. BlackRock Inc. now owns 7,570,996 shares of the food distribution company’s stock worth $300,114,000 after buying an additional 212,027 shares during the period. Jennison Associates LLC lifted its holdings in Performance Food Group by 29.1% in the first quarter. Jennison Associates LLC now owns 2,984,830 shares of the food distribution company’s stock worth $118,319,000 after buying an additional 673,089 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Performance Food Group by 7.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,051,932 shares of the food distribution company’s stock worth $66,214,000 after buying an additional 139,473 shares during the period. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in Performance Food Group by 10.0% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,547,690 shares of the food distribution company’s stock worth $61,351,000 after buying an additional 140,725 shares during the period. Institutional investors own 95.71% 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 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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