Performance Food Group (NYSE:PFGC) Shares Gap Down After Earnings Miss

Performance Food Group (NYSE:PFGC)’s share price gapped down prior to trading on Wednesday following a dissappointing 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 traded.

The food distribution company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.06). Performance Food Group had a return on equity of 16.66% and a net margin of 0.72%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PFGC shares. StockNews.com lowered Performance Food Group from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Barclays upped their price objective on Performance Food Group from $88.00 to $98.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. BMO Capital Markets upped their price objective on Performance Food Group from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Morgan Stanley upped their price objective on Performance Food Group from $94.00 to $96.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, UBS Group upped their price objective on Performance Food Group from $98.00 to $102.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Performance Food Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.67.

Insiders Place Their Bets

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

Institutional Trading of Performance Food Group

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC lifted its position 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 worth $1,043,293,000 after acquiring an additional 2,773,547 shares during the period. State Street Corp lifted its position in shares of Performance Food Group by 2.2% in the 3rd quarter. State Street Corp now owns 4,596,105 shares of the food distribution company’s stock worth $360,197,000 after acquiring an additional 97,069 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Performance Food Group by 11.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,812,602 shares of the food distribution company’s stock worth $298,794,000 after acquiring an additional 401,235 shares during the period. 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 worth $234,174,000 after buying an additional 724,094 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Performance Food Group by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,587,054 shares of the food distribution company’s stock worth $202,803,000 after buying an additional 36,385 shares in the last quarter. Institutional investors own 96.87% of the company’s stock.

Performance Food Group Stock Performance

The company has a current ratio of 1.70, a quick ratio of 0.73 and a debt-to-equity ratio of 1.12. The stock has a fifty day moving average price of $87.32 and a 200-day moving average price of $80.43. The firm has a market capitalization of $13.82 billion, a price-to-earnings ratio of 33.06, a PEG ratio of 0.97 and a beta of 1.44.

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.