Performance Food Group (NYSE:PFGC) Now Covered by Analysts at Morgan Stanley

Morgan Stanley initiated coverage on shares of Performance Food Group (NYSE:PFGC) in a report released on Tuesday morning. The firm issued an overweight rating on the food distribution company’s stock.

Other equities analysts also recently issued reports about the stock. Guggenheim reiterated a “buy” rating on shares of Performance Food Group in a report on Thursday, December 18th. Sanford C. Bernstein initiated coverage on shares of Performance Food Group in a research report on Wednesday, October 22nd. They set an “outperform” rating and a $130.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Performance Food Group in a report on Monday, December 29th. Wall Street Zen lowered Performance Food Group from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Finally, Citigroup lowered their price objective on Performance Food Group from $134.00 to $127.00 and set a “buy” rating for the company in a research report on Wednesday, January 7th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Performance Food Group presently has an average rating of “Moderate Buy” and an average price target of $118.22.

Performance Food Group Stock Performance

Shares of NYSE:PFGC opened at $95.31 on Tuesday. The firm has a 50 day moving average of $93.11 and a 200 day moving average of $97.85. The company has a quick ratio of 0.70, a current ratio of 1.67 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of 45.82, a price-to-earnings-growth ratio of 1.19 and a beta of 0.93. Performance Food Group has a 52 week low of $68.39 and a 52 week high of $109.05.

Performance Food Group (NYSE:PFGC) last announced its earnings results on Wednesday, November 5th. The food distribution company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.02. The business had revenue of $17.08 billion for the quarter, compared to analysts’ expectations of $16.87 billion. Performance Food Group had a return on equity of 15.97% and a net margin of 0.50%.The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. On average, sell-side analysts predict that Performance Food Group will post 4.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PFGC. Moody Lynn & Lieberson LLC purchased a new stake in shares of Performance Food Group in the 2nd quarter valued at $1,390,000. Norges Bank purchased a new position in shares of Performance Food Group during the second quarter worth $163,954,000. Braun Stacey Associates Inc. acquired a new position in Performance Food Group during the third quarter valued at $13,055,000. Triasima Portfolio Management inc. acquired a new position in Performance Food Group during the second quarter valued at $248,000. Finally, Primecap Management Co. CA boosted its holdings in Performance Food Group by 22.1% in the second quarter. Primecap Management Co. CA now owns 2,571,507 shares of the food distribution company’s stock valued at $224,930,000 after purchasing an additional 465,807 shares during the last quarter. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

About Performance Food Group

Performance Food Group Company (NYSE: PFGC) is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.