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PFGC

Performance Food Group

$38.58

0.41 (1.07%)

07:02
03/19/19
03/19
07:02
03/19/19
07:02

Performance Food Group to acquire Eby-Brown Company, terms not disclosed

Performance Food Group Company announced that it has signed a definitive agreement to acquire Eby-Brown Company, a U.S. distributor of pre-packaged candy, snacks, specialty beverages and tobacco products in the convenience industry. This acquisition will allow PFG's Vistar segment to strategically expand in the fast-growing convenience store channel where there is significant overlap with suppliers and product categories, as well as opportunities to use PFG brands for unique solutions in the prepared/made-to-order foodservice market. Vistar and Eby-Brown combined will service over 75,000 locations and Vistar would be No. 1 in locations served and No. 2 in overall non-tobacco convenience volume. Eby-Brown is a privately held company founded more than 125 years ago. Headquartered in Naperville, Ill., the company is led today by Dick and Tom Wake, and operates eight distribution facilities in Georgia, Kentucky, Illinois, Indiana, Michigan, Ohio, Pennsylvania and Wisconsin that serve 20 states. Eby-Brown had fiscal 2018 revenues of $5.3B, which included $1B of tobacco excise taxes. The transaction is expected to be neutral to slightly accretive to PFG's Adjusted Earnings Per Share in fiscal 2020. Subject to regulatory approval, the companies expect the transaction to close in the second quarter of calendar 2019.

PFGC Performance Food Group
$38.58

0.41 (1.07%)

08/16/18
WELS
08/16/18
NO CHANGE
Target $44
WELS
Outperform
Performance Food Group should be bought on weakness at Wells Fargo
Wells Fargo analyst Edward Kelly lowered his price target for Performance Food Group (PFGC) to $44 from $46 after the company reported disappointing Q4 results on a "surprising" spike in labor investment. However, Overall, the analyst views the selloff as overdone and a compelling buying opportunity as the company's issues look temporary and very different from the execution problems at US Foods (USFD), and given visible path for better results and favorable industry backdrop. Kelly reiterates an Outperform rating on Performance Food Group shares.
10/22/18
BUCK
10/22/18
INITIATION
Target $39
BUCK
Buy
Performance Food Group initiated with a Buy at Buckingham
Buckingham initiated Performance Food Group with a Buy and $39 price target.
11/14/18
LOOP
11/14/18
NO CHANGE
Target $42
LOOP
Buy
Loop Capital 'strongly' reiterates Buy on Performance Food after buyback plan
Loop Capital analyst Andrew Wolf points out that Performance Food Group's $250M buyback announced this morning is its first since the company went public in 2015. After speaking to management, the analyst believes the repurchase authorization signals the company believes the stock is undervalued and that current acquisition deal economics "are a bit rich." The analyst "strongly" reiterates a Buy rating on Performance Food, calling the stock one of his best ideas with $30% upside to his $42 price target.
12/21/18
SBSH
12/21/18
INITIATION
Target $40
SBSH
Buy
Performance Food Group initiated with a Buy at Citi
Citi analyst Gregory Badishkanian started Performance Food Group with a Buy rating and $40 price target.

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