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

Performance Food Group (NYSE:PFGC) shares gapped down prior to trading 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 trading hands.

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 net margin of 0.72% and a return on equity of 16.66%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com cut Performance Food Group from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. 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 report on Thursday, November 7th. Truist Financial upped their target price on shares of Performance Food Group from $88.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Melius started coverage on shares of Performance Food Group in a report on Wednesday, December 18th. They set a “hold” rating and a $95.00 target price for the company. Finally, Guggenheim upped their price target on Performance Food Group from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Performance Food Group has an average rating of “Moderate Buy” and an average target price of $94.67.

Insiders Place Their Bets

In other news, insider Craig Howard Hoskins sold 20,496 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $84.60, for a total transaction of $1,733,961.60. Following the sale, the insider now owns 172,372 shares of the company’s stock, valued at $14,582,671.20. This trade represents a 10.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFGC. CIBC Asset Management Inc grew its position in Performance Food Group by 3.2% in the 3rd quarter. CIBC Asset Management Inc now owns 4,514 shares of the food distribution company’s stock worth $354,000 after purchasing an additional 139 shares during the period. Creative Planning grew its holdings in shares of Performance Food Group by 1.2% in the third quarter. Creative Planning now owns 11,684 shares of the food distribution company’s stock worth $916,000 after acquiring an additional 140 shares during the period. Coldstream Capital Management Inc. increased its position in Performance Food Group by 3.5% during the third quarter. Coldstream Capital Management Inc. now owns 4,189 shares of the food distribution company’s stock valued at $329,000 after acquiring an additional 142 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Performance Food Group by 2.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,088 shares of the food distribution company’s stock valued at $469,000 after acquiring an additional 160 shares during the period. Finally, Highland Capital Management LLC lifted its holdings in Performance Food Group by 6.7% in the fourth quarter. Highland Capital Management LLC now owns 2,915 shares of the food distribution company’s stock valued at $246,000 after acquiring an additional 183 shares during the period. Institutional investors own 96.87% of the company’s stock.

Performance Food Group Price Performance

The firm has a 50-day simple moving average of $87.32 and a 200-day simple moving average of $80.43. The firm 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 debt-to-equity ratio of 1.12, a current ratio of 1.70 and a quick ratio of 0.73.

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.