Victory Capital Management Inc. Trims Position in Performance Food Group Company $PFGC

Victory Capital Management Inc. decreased its stake in shares of Performance Food Group Company (NYSE:PFGC) by 20.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,948,654 shares of the food distribution company’s stock after selling 1,277,673 shares during the quarter. Victory Capital Management Inc. owned approximately 3.16% of Performance Food Group worth $514,858,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PFGC. Holocene Advisors LP increased its holdings in Performance Food Group by 8.6% during the 2nd quarter. Holocene Advisors LP now owns 3,078,977 shares of the food distribution company’s stock worth $269,318,000 after purchasing an additional 244,793 shares during the period. Primecap Management Co. CA grew its position in shares of Performance Food Group by 22.1% during the 2nd quarter. Primecap Management Co. CA now owns 2,571,507 shares of the food distribution company’s stock worth $224,930,000 after buying an additional 465,807 shares in the last quarter. Eminence Capital LP increased its stake in shares of Performance Food Group by 6.7% during the second quarter. Eminence Capital LP now owns 2,250,830 shares of the food distribution company’s stock valued at $196,880,000 after buying an additional 141,864 shares during the period. Close Asset Management Ltd raised its holdings in shares of Performance Food Group by 7.5% in the third quarter. Close Asset Management Ltd now owns 2,080,377 shares of the food distribution company’s stock valued at $216,536,000 after acquiring an additional 145,387 shares in the last quarter. Finally, Norges Bank purchased a new stake in Performance Food Group in the second quarter worth about $163,954,000. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Stock Down 1.3%

Shares of PFGC stock opened at $95.84 on Tuesday. The stock’s fifty day moving average price is $93.77 and its 200 day moving average price is $97.40. Performance Food Group Company has a 1-year low of $68.39 and a 1-year high of $109.05. The company has a market cap of $15.03 billion, a price-to-earnings ratio of 43.56, a price-to-earnings-growth ratio of 1.37 and a beta of 0.91. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.60 and a quick ratio of 0.68.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.09). Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The business had revenue of $16.44 billion during the quarter, compared to analyst estimates of $16.54 billion. During the same period in the prior year, the business posted $0.98 EPS. Performance Food Group’s revenue was up 5.2% compared to the same quarter last year. On average, research analysts expect that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on PFGC. UBS Group cut their target price on shares of Performance Food Group from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Citigroup lowered their target price on Performance Food Group from $127.00 to $126.00 and set a “buy” rating for the company in a report on Friday, February 6th. Piper Sandler cut their price target on Performance Food Group from $116.00 to $111.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Morgan Stanley decreased their price objective on Performance Food Group from $123.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. Finally, Barclays cut their target price on Performance Food Group from $120.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.44.

Insiders Place Their Bets

In other Performance Food Group news, insider Chasity D. Grosh sold 1,843 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total transaction of $169,611.29. Following the transaction, the insider owned 6,601 shares in the company, valued at approximately $607,490.03. This represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.50% of the company’s stock.

About Performance Food Group

Performance Food Group Company (NYSE: PFGC) is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.