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

Zacks Investment Research downgraded shares of Performance Food Group (NYSE:PFGC) from a hold rating to a sell rating in a research report report 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. “

Other equities research analysts also recently issued research reports about the stock. Bank of America reissued a buy rating and set a C$10.00 price target on shares of Hexo in a research report on Wednesday, April 17th. Loop Capital set a $48.00 price target on shares of Performance Food Group and gave the company a buy rating in a research report on Friday, July 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $40.73.

Shares of PFGC stock traded up $0.97 during trading hours on Wednesday, hitting $42.48. 662,254 shares of the company’s stock traded hands, compared to its average volume of 627,764. The stock has a fifty day moving average price of $40.22. Performance Food Group has a 12-month low of $28.05 and a 12-month high of $42.56. The firm has a market cap of $4.36 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 1.80 and a beta of 0.66. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.75 and a current ratio of 1.45.

Performance Food Group (NYSE:PFGC) last released its earnings results on Wednesday, May 8th. The food distribution company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the business posted $0.34 earnings per share. Performance Food Group’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities research analysts forecast that Performance Food Group will post 1.78 earnings per share for the current year.

In other Performance Food Group news, insider Patrick T. Hagerty sold 7,000 shares of Performance Food Group stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $38.99, for a total value of $272,930.00. Following the completion of the sale, the insider now owns 155,006 shares of the company’s stock, valued at approximately $6,043,683.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Patrick T. Hagerty sold 7,450 shares of Performance Food Group stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $40.85, for a total transaction of $304,332.50. Following the completion of the sale, the insider now directly owns 169,006 shares of the company’s stock, valued at approximately $6,903,895.10. The disclosure for this sale can be found here. Insiders have sold 21,450 shares of company stock valued at $858,803 in the last three months. 3.80% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the business. Hennessy Advisors Inc. purchased a new position in shares of Performance Food Group during the 2nd quarter valued at $2,934,000. Campbell & CO Investment Adviser LLC lifted its stake in shares of Performance Food Group by 26.9% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 16,708 shares of the food distribution company’s stock valued at $669,000 after buying an additional 3,543 shares in the last quarter. Scout Investments Inc. lifted its stake in shares of Performance Food Group by 66.0% during the 2nd quarter. Scout Investments Inc. now owns 253,808 shares of the food distribution company’s stock valued at $10,160,000 after buying an additional 100,917 shares in the last quarter. WINTON GROUP Ltd lifted its stake in shares of Performance Food Group by 50.8% during the 2nd quarter. WINTON GROUP Ltd now owns 12,176 shares of the food distribution company’s stock valued at $487,000 after buying an additional 4,100 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in shares of Performance Food Group during the 1st quarter valued at $22,413,000. 95.71% of the stock is owned by institutional investors and hedge funds.

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 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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