US Foods Holding Corp (NYSE:USFD) stock soared to an all-time high of $70.82, marking a significant milestone for the foodservice distributor with a market capitalization of $16.46 billion and annual revenue of $37.32 billion. This peak reflects a robust performance over the past year, with the company's stock price experiencing a remarkable 59.85% increase. Investors have shown growing confidence in USFD's market strategy and execution, as the company continues to navigate the dynamic food distribution landscape effectively. According to InvestingPro, management has been aggressively buying back shares, and 8 analysts have revised their earnings upward for the upcoming period. The all-time high represents not just a 52-week triumph but also a historical record for US Foods, underscoring the company's resilience and potential for sustained growth in a competitive industry. Discover 12 more exclusive insights and detailed financial analysis with InvestingPro.
In other recent news, US Foods showcased a robust financial performance in its third-quarter results. The company reported a 6.8% increase in net sales to $9.7 billion, a 13.2% growth in adjusted EBITDA to $455 million, and a 21.4% rise in adjusted diluted EPS to $0.85. These developments were driven by a rise in organic case volumes and food cost inflation.
US Foods also repurchased $580 million in shares and launched the Pronto delivery service in 40 markets, projecting nearly $700 million in annualized sales. The company's outlook for 2024 includes net sales between $37.7 billion and $38 billion, and an adjusted EBITDA between $1.72 billion and $1.74 billion.
Analysts have responded positively to these recent developments. Piper Sandler raised its price target for US Foods from $61 to $75, maintaining an Overweight rating. Similarly, BMO Capital Markets also raised its price target from $62 to $75, maintaining an Outperform rating. Both firms' adjustments came in the wake of US Foods' strong financial performance and successful execution of its initiatives.
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