Performance Food Group (NYSE:PFGC) Downgraded to Neutral Rating by Piper Sandler

Piper Sandler cut shares of Performance Food Group (NYSE:PFGC - Free Report) from an overweight rating to a neutral rating in a report issued on Friday morning, Marketbeat Ratings reports. The brokerage currently has $90.00 target price on the food distribution company's stock, down from their prior target price of $92.00.

A number of other equities research analysts have also recently commented on the company. Truist Financial raised their price target on Performance Food Group from $88.00 to $101.00 and gave the company a "buy" rating in a report on Friday, November 8th. UBS Group increased their price objective on shares of Performance Food Group from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Barclays dropped their price objective on shares of Performance Food Group from $103.00 to $102.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. Morgan Stanley boosted their target price on shares of Performance Food Group from $94.00 to $96.00 and gave the company an "equal weight" rating in a research note on Tuesday, January 21st. Finally, Guggenheim lifted their target price on Performance Food Group from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Performance Food Group presently has an average rating of "Moderate Buy" and an average target price of $95.73.

Performance Food Group Stock Performance

PFGC traded down $1.55 during midday trading on Friday, hitting $84.10. 706,867 shares of the company traded hands, compared to its average volume of 1,116,492. The company's 50-day moving average is $87.19 and its 200 day moving average is $81.02. The company has a quick ratio of 0.73, a current ratio of 1.67 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $13.14 billion, a PE ratio of 33.90, a price-to-earnings-growth ratio of 0.96 and a beta of 1.44. Performance Food Group has a 52 week low of $61.60 and a 52 week high of $92.44.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its earnings results on Wednesday, February 5th. The food distribution company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.06). Performance Food Group had a return on equity of 16.58% and a net margin of 0.64%. On average, research analysts expect that Performance Food Group will post 4.6 EPS for the current year.

Insiders Place Their Bets

In related news, insider Craig Howard Hoskins sold 20,496 shares of the company's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $88.28, for a total value of $1,809,386.88. Following the transaction, the insider now directly owns 192,868 shares in the company, valued at approximately $17,026,387.04. This represents a 9.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Performance Food Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PFGC. FMR LLC raised its stake in shares of 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. Victory Capital Management Inc. grew its stake in shares of Performance Food Group by 154.2% in the fourth quarter. Victory Capital Management Inc. now owns 3,910,406 shares of the food distribution company's stock valued at $330,625,000 after buying an additional 2,371,818 shares in the last quarter. Holocene Advisors LP raised 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 lifted its stake 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 worth $164,446,000 after acquiring an additional 473,050 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Performance Food Group by 11.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,812,602 shares of the food distribution company's stock valued at $298,794,000 after acquiring an additional 401,235 shares during the period. Hedge funds and other institutional investors 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.