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

Performance Food Group (NYSE:PFGC - Get Free Report) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. 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 traded.

The food distribution company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.06). Performance Food Group had a net margin of 0.64% and a return on equity of 16.58%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Guggenheim increased their price objective on shares of Performance Food Group from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Barclays dropped their price target on Performance Food Group from $103.00 to $102.00 and set an "overweight" rating on the stock in a research note on Thursday. BMO Capital Markets raised their price objective on Performance Food Group from $87.00 to $95.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. UBS Group upped their target price on Performance Food Group from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Morgan Stanley increased their target price on Performance Food Group from $94.00 to $96.00 and gave the stock an "equal weight" rating in a report on Tuesday, January 21st. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Performance Food Group presently has a consensus rating of "Moderate Buy" and an average target price of $95.73.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PFGC. Blue Trust Inc. boosted its holdings in shares of Performance Food Group by 281.4% in the 3rd quarter. Blue Trust Inc. now owns 328 shares of the food distribution company's stock worth $26,000 after buying an additional 242 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Performance Food Group in the third quarter worth about $26,000. Venturi Wealth Management LLC boosted its stake in Performance Food Group by 203.0% in the third quarter. Venturi Wealth Management LLC now owns 409 shares of the food distribution company's stock valued at $32,000 after acquiring an additional 274 shares during the last quarter. UMB Bank n.a. grew its position in shares of Performance Food Group by 414.8% during the 3rd quarter. UMB Bank n.a. now owns 453 shares of the food distribution company's stock valued at $36,000 after acquiring an additional 365 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Performance Food Group during the 3rd quarter worth approximately $36,000. Institutional investors own 96.87% of the company's stock.

Performance Food Group Price Performance

The company has a current ratio of 1.67, a quick ratio of 0.73 and a debt-to-equity ratio of 1.56. The business's fifty day moving average is $87.24 and its 200 day moving average is $80.75. The company has a market cap of $13.29 billion, a P/E ratio of 34.31, a PEG ratio of 0.96 and a beta of 1.44.

Performance Food Group Company Profile

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.