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George L. Holm, Chairman and CEO of Performance Food Group Co (NYSE:PFGC), a prominent player in the Consumer Staples Distribution & Retail industry with a market capitalization of $12.7 billion, recently made significant stock transactions, according to a filing with the Securities and Exchange Commission. On April 1, Holm sold 35,435 shares of common stock in two separate transactions, totaling approximately $2.8 million. The shares were sold at prices ranging from $78.67 to $79.30. The stock currently trades at $80.94, with analysts setting price targets between $85 and $116. InvestingPro analysis indicates the stock is currently trading above its Fair Value.
In addition to the sales, Holm exercised options to acquire 35,435 shares of common stock at a price of $19 per share. Following these transactions, Holm holds 1,560,066 shares directly. The sales were made under a Rule 10b5-1 trading plan established in August 2024. The company maintains strong financial health according to InvestingPro metrics, with liquid assets exceeding short-term obligations and a solid revenue growth of 4.7% over the last twelve months. Discover more insights and 7 additional ProTips with an InvestingPro subscription.
In other recent news, Performance Food Group reported mixed results for its second quarter of fiscal year 2024. The company exceeded revenue expectations with $15.64 billion, surpassing the forecasted $15.45 billion. However, Performance Food Group’s adjusted earnings per share (EPS) fell short, posting $0.98 against the anticipated $1.06. Despite the EPS miss, the company raised its full-year revenue guidance to a range of $63 billion to $64 billion.
Analysts have weighed in on these developments, with Guggenheim, Truist Securities, and BMO Capital Markets all raising their price targets for Performance Food Group. Guggenheim increased its target to $100, Truist to $104, and BMO Capital to $105, each maintaining positive ratings. These adjustments reflect optimism about the company’s growth trajectory, particularly following strong sales and EBITDA figures that surpassed expectations. The company’s strategic acquisitions, such as Cheney Brothers and Jose Santiago, are seen as key contributors to its future performance.
Despite these positive signals, Performance Food Group faces challenges, including supply chain disruptions and rising inflation, which could impact profit margins. However, the integration of recent acquisitions and continued focus on expanding its foodservice offerings are expected to bolster the company’s financial outlook.
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