|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||43.02 - 43.51|
|52 Week Range||28.05 - 43.78|
|Beta (3Y Monthly)||0.92|
|PE Ratio (TTM)||27.14|
|Earnings Date||Aug 13, 2019 - Aug 19, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||43.80|
Boeing, Performance Food Group, Berkshire Hathaway, Apple and Disney are the companies to watch.
"The change in outlook to negative reflects the increased leverage and execution risk associated with its announced purchase of Reinhart Holdings" stated Christina Boni, Moody's Senior Credit Officer. "Although we anticipate the proposed acquisition will increase the company's scale significantly with combined sales of approximately $30 billion, prioritizing debt reduction and a successful integration will be required to improve credit metrics significantly.
After Performance Food Group Company's (NYSE:PFGC) earnings announcement in March 2019, it seems that analyst...
Two large private carriers are set to combine, as Performance Food Group (PFG) (NYSE: PFGC) announced that it has entered into an agreement to acquire Reinhart Foodservice, LLC in a $2 billion deal ($1.7 billion excluding a $265 million tax benefit). Richmond, Virginia-based PFG is a foodservice distribution company with a national network of more than 80 distribution centers and almost 18,000 employees. Rosemont, Illinois-based Reinhart, a top-five foodservice distributor with 26 distribution centers and 5,600 employees, is being acquired from Reyes Holdings, LLC, a holding company of five different beverage and foodservice providers.
Food distributors are facing shrinking margins as transportation costs have surged in recent years, with drivers preferring to work in the construction and manufacturing industries in an expanding U.S. economy. "We need all the people, so it's a good situation... Drivers would be the biggest difficulty, hence our need for all the drivers," Performance Food's Chief Executive Officer George Holm told Reuters. The acquisition of Reinhart, the second-largest privately held food distributor in the United States, will create a company with $30 billion in net sales and add independent restaurants to Performance Food's current customer base that includes Subway, Bloomin' Brands Inc and Restaurant Brands International Inc's Burger King.
has agreed to acquire privately held Reinhart Foodservice for $2 billion. Reinhart will be acquired from Performance Food Group's owner, Reyes Holdings LLC, in an all-cash deal, Performance Food CEO George Holm confirmed to The Wall Street Journal on Monday. Combined, the companies would have more than $30 billion in sales, according to Performance Food, which has a market value of $4.2 billion.
(Bloomberg) -- Performance Food Group Co. agreed to buy Reinhart Foodservice for $2 billion in a combination of U.S. food suppliers.Performance, a distributor for retailers and resultants, will buy Reinhart from its owner, Reyes Holdings LLC, in an all-cash deal, the company said in a statement Monday. Together with Reinhart, Performance’s sales will rise to about $30 billion.The deal shows how food-service companies are under pressure to consolidate as costs climb. Truckers’ demands for higher wages, for example, have squeezed already low profit margins. By combining with Reinhart, Performance aims to save $50 million in costs annually within three years.Performance estimates it will get a tax benefit of $265 million. Including that, the price is a multiple of 10.6 times Reinhart’s estimated adjusted earnings when excluding interest, taxes, depreciation and amortization.Performance’s shares rose as much as 3.1%, the most in almost a month, to $41.26 on Monday. The stock has gained about 27% this year. Geographic ReachClosely held Reinhart, based in Rosemont, Illinois, will give Performance a broader geographic reach, Performance said.“This transaction provides us with greater overall scale, a diverse customer base, including a solid base of independent customers, and builds upon our strong distribution platform,” Performance Chief Executive Officer George Holm said.Richmond, Virginia-based Performance Food also increased the bottom range its 2019 outlook for adjusted Ebitda to a range of 9% to 10%, up from a previous lower level of 8%.Credit Suisse AG acted as Performance’s financial adviser in the deal, which is expected to close by the end of 2019.The transaction will be financed with the company’s asset-based revolving credit facility and $300 million to $400 million of new senior unsecured notes. Financing was provided by Credit Suisse and Wells Fargo & Co.(Updates to add share trading.)To contact the reporter on this story: Eric Pfanner in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Eric Pfanner at email@example.com, Thomas Mulier, Jonathan RoederFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Performance Food Group (NYSE: PFGC) will acquire distributor Reinhart Foodservice LLC for $2 billion. Performance Food also reaffirmed its fiscal 2019 adjusted earnings per share growth outlook to be in the range of 12% to 16% over its $1.54 reported in 2018. The acquisition is expected to position Performance Food as one of the largest distributors in the U.S. with approximately $30 billion in net sales.
Performance Food Group Co said on Monday it would buy privately held rival Reinhart Foodservice LLC for $2 billion, as the distributor of goods to restaurants seeks scale to counter rising transportation costs that have pressured the industry. Food distributors are facing shrinking margins as transportation costs have surged in recent years, with drivers preferring to work in the construction and manufacturing industries in an expanding U.S. economy. "We need all the people, so it's a good situation... Drivers would be the biggest difficulty, hence our need for all the drivers," Performance Food's Chief Executive Officer George Holm told Reuters.
Performance Food Group Company (“PFG”) (PFGC) today announced it has entered into a definitive agreement to acquire Reinhart Foodservice, L.L.C (“Reinhart”) from Reyes Holdings, L.L.C. in a transaction valued at $2.0 billion, or approximately $1.7 billion net of an estimated tax benefit to PFG of approximately $265 million. With annual net sales of over $6 billion, Reinhart is the second largest privately held foodservice distributor in the U.S. and is headquartered in Rosemont, IL. “We are excited to announce the strategic acquisition of Reinhart and welcome them to Performance Food Group,” said George Holm, PFG Chairman, President & Chief Executive Officer.
McConnell Center Associates LLC, consisting of veteran developer Pete Goria and Windsor Commercial's Buddy Seymour, sold the McConnell Center buildings, which total 670,536 square feet, to New York Life Insurance Co. The buildings are at 4751, 4755 and 4754 McConnell Center Drive. McConnell Center is located at the intersection of Interstates 85 and 40 and the Greensboro Urban Loop. Tom Townes of Triad Commercial Properties, which represented the sellers, told Triad Business Journal that the remaining building in the 1.1 million square foot portfolio sale is under contract to New York Life and expected to close late in the year after Windsor completes construction of a 130,000 square foot expansion for General Dynamics.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Performance Food Group, Inc. New York, June 14, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Performance Food Group, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Hedge funds are known to underperform the bull markets but that's not because they are bad at investing. Truth be told, most hedge fund managers and other smaller players within this industry are very smart and skilled investors. Of course, they may also make wrong bets in some instances, but no one knows what the […]
While small-cap stocks, such as Performance Food Group Company (NYSE:PFGC) with its market cap of US$4.2b, are popular...
Performance Food Group Co NYSE:PFGCView full report here! Summary * Bearish sentiment is low * Economic output in this company's sector is contracting Bearish sentimentShort interest | PositiveShort interest is extremely low for PFGC with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting PFGC. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold PFGC had net inflows of $1.06 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managersâ€™ Index (PMI) data, output in the Consumer Servicesis falling. The rate of decline is significant relative to the trend shown over the past year, and is accelerating. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Moody's Investors Service ("Moody's") today assigned a B2 Corporate Family Rating and B2-PD probability of default rating to Sage Borrowco, LLC ("Smart Foodservice"). In addition Moody's also assigned a B2 rating to the company's senior secured revolving credit facility and senior secured term loan. "Smart Foodservice has a good business model servicing an attractive market niche of underserved smaller food service operators at competitive prices", Moody's Vice President Mickey Chadha stated.
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Performance Food (PFGC) delivered earnings and revenue surprises of -5.41% and -0.36%, respectively, for the quarter ended March 2019. Do the numbers hold clues to what lies ahead for the stock?
On a per-share basis, the Richmond, Virginia-based company said it had net income of 31 cents. Earnings, adjusted for non-recurring costs, were 35 cents per share. The results fell short of Wall Street ...