Performance Food Group (PFGC) Issues FY 2019 Earnings Guidance

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Performance Food Group (NYSE:PFGC) updated its FY 2019 earnings guidance on Wednesday. The company provided EPS guidance of $1.69-1.79 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.77.

Several research firms recently commented on PFGC. ValuEngine raised shares of Performance Food Group from a hold rating to a buy rating in a research report on Wednesday, October 24th. Citigroup initiated coverage on shares of Performance Food Group in a research note on Friday, December 21st. They issued a buy rating and a $40.00 price target on the stock. Wells Fargo & Co reiterated a buy rating on shares of Performance Food Group in a research note on Friday, January 11th. Buckingham Research initiated coverage on shares of Performance Food Group in a research note on Monday, October 22nd. They issued a buy rating and a $39.00 price target on the stock. Finally, Pivotal Research reiterated a hold rating and issued a $31.00 price target on shares of Performance Food Group in a research note on Thursday, November 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $38.58.

Performance Food Group stock opened at $35.36 on Wednesday. The stock has a market cap of $3.69 billion, a PE ratio of 22.96, a PEG ratio of 1.14 and a beta of 0.65. Performance Food Group has a fifty-two week low of $28.05 and a fifty-two week high of $39.45. The company has a current ratio of 1.53, a quick ratio of 0.78 and a debt-to-equity ratio of 1.05.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data on Wednesday, February 6th. The food distribution company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.06. The company had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.50 billion. Performance Food Group had a net margin of 1.15% and a return on equity of 15.52%. Performance Food Group’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. Research analysts expect that Performance Food Group will post 1.76 EPS for the current fiscal year.

Performance Food Group declared that its board has authorized a stock repurchase program on Wednesday, November 14th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the food distribution company to purchase up to 7.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In related news, insider Terry A. West sold 20,372 shares of the company’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $33.21, for a total value of $676,554.12. Following the transaction, the insider now owns 24,872 shares in the company, valued at approximately $825,999.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Carol A. O’connell sold 2,197 shares of the company’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $34.00, for a total transaction of $74,698.00. Following the completion of the transaction, the insider now owns 22,101 shares in the company, valued at approximately $751,434. The disclosure for this sale can be found here. Insiders have sold a total of 128,194 shares of company stock worth $4,400,320 over the last 90 days. 3.80% of the stock is owned by company insiders.

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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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Earnings History and Estimates for Performance Food Group (NYSE:PFGC)

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