Truist Financial Raises Price Target for Performance Food Group to $101.00

Performance Food Group (NYSE:PFGC) received a positive update from analysts at Truist Financial, which increased its price target from $88.00 to $101.00. This adjustment was included in a research note released on Friday, reflecting the brokerage's belief in the company's potential. Truist Financial has assigned a "buy" rating to the food distribution company's stock, indicating a favorable outlook for investors.

The updated target price from Truist suggests there could be an 18.38% upside based on Performance Food Group's closing price at the time the note was published.

Other Analyst Ratings

Performance Food Group is gaining attention from various research firms. For instance, Guggenheim recently raised its price target on the stock from $90.00 to $95.00 while maintaining a "buy" rating. Similarly, Wells Fargo & Company also increased its target, adjusting it from $83.00 to $88.00, granting the stock an "overweight" rating. Deutsche Bank boosted its price target from $93.00 to $94.00 with a "buy" designation, while UBS Group has set its target at $102.00, continuing to recommend the stock as a buy.

BMO Capital Markets also upped its price objective from $87.00 to $95.00, rating the stock as an "outperform". Overall, among analysts, there are two hold ratings and nine buy ratings for Performance Food Group, resulting in an average rating of "Moderate Buy" and an average price target of $94.50, according to data from MarketBeat.com.

Recent Stock Performance

On the trading day following the update, shares of Performance Food Group fell by $0.01 to close at $85.32. The trading volume for the day was 43,510 shares, which is notable compared to the company's average trading volume of 1,022,424 shares. Currently, the company's 50-day moving average stands at $78.39, while its 200-day moving average is $71.94. With a market capitalization of $13.30 billion, the stock has a P/E ratio of 30.60, a price-to-earnings-growth ratio of 0.81, and a beta of 1.44. Performance Food Group's stock has faced a year low of $59.35 and peeks at a year high of $89.00.

Latest Earnings Results

Performance Food Group recently announced its earnings on November 6th, revealing an EPS of $1.16 for the quarter, falling short of analysts' expectations which were set at $1.21. The company reported a net margin of 0.75% and a return on equity of 17.03%. The total revenue for the quarter amounted to $15.42 billion, which surpassed the forecast of $15.22 billion. Compared to the same quarter last year, revenue has increased by 3.2%.

Insider Activity and Institutional Investment

In terms of insider trading, Scott E. McPherson sold 25,000 shares of Performance Food Group stock at an average price of $74.64 on August 23rd, which totaled $1,866,000. Another insider, George L. Holm, sold 63,500 shares on August 19th for approximately $4.67 million. Over the last quarter, insiders have sold 100,500 shares, collectively valued at about $7.43 million.

Meanwhile, institutional investors have also been active. Recently, Blue Trust Inc. raised its stake in Performance Food Group by 281.4%, while Ashton Thomas Securities LLC and Venturi Wealth Management have also taken positions in the stock. As of now, institutional ownership accounts for about 96.87% of the company's shares.

Company Overview

Performance Food Group Company, through its various subsidiaries, is engaged in the marketing and distribution of food and food-related products across the United States. The company operates through three main segments: Foodservice, Vistar, and Convenience, offering a wide variety of products including frozen foods, groceries, snacks, beverages, and more.

Conclusion

The raised price target by Truist Financial alongside positive endorsements from other financial firms highlights a healthy outlook for Performance Food Group. As the company continues to navigate challenges in the market, analysts remain optimistic about its potential for growth and profitability.

Performance, Investment, Stock