Jennison Associates LLC Reduces Position in Performance Food Group Company $PFGC

Jennison Associates LLC trimmed its position in Performance Food Group Company (NYSE:PFGC) by 29.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 866,583 shares of the food distribution company’s stock after selling 365,108 shares during the period. Jennison Associates LLC’s holdings in Performance Food Group were worth $74,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Performance Food Group by 0.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,362 shares of the food distribution company’s stock valued at $3,372,000 after purchasing an additional 121 shares during the last quarter. HB Wealth Management LLC increased its holdings in shares of Performance Food Group by 3.8% in the first quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company’s stock valued at $285,000 after purchasing an additional 122 shares during the period. Arax Advisory Partners raised its stake in shares of Performance Food Group by 7.4% in the fourth quarter. Arax Advisory Partners now owns 2,043 shares of the food distribution company’s stock worth $184,000 after purchasing an additional 140 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Performance Food Group by 16.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the food distribution company’s stock worth $91,000 after purchasing an additional 143 shares during the last quarter. Finally, Cornerstone Wealth Management LLC lifted its holdings in shares of Performance Food Group by 6.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 2,701 shares of the food distribution company’s stock worth $243,000 after purchasing an additional 173 shares during the period. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Trading Up 0.1%

Shares of NYSE:PFGC opened at $111.82 on Monday. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. Performance Food Group Company has a 12-month low of $80.82 and a 12-month high of $116.42. The business has a 50 day moving average of $103.18 and a two-hundred day moving average of $95.17. The company has a market capitalization of $17.57 billion, a PE ratio of 53.25, a PEG ratio of 1.40 and a beta of 0.91.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. The business had revenue of $16.29 billion for the quarter, compared to analysts’ expectations of $16.17 billion. Performance Food Group had a net margin of 0.49% and a return on equity of 15.33%. The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company earned $0.79 EPS. As a group, analysts forecast that Performance Food Group Company will post 4.57 EPS for the current year.

Insider Activity

In related news, Director Kimberly Grant sold 2,500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total transaction of $237,500.00. Following the sale, the director owned 11,935 shares in the company, valued at approximately $1,133,825. This trade represents a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hugh Patrick Hatcher sold 3,000 shares of Performance Food Group stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total transaction of $283,620.00. Following the completion of the transaction, the insider directly owned 44,655 shares of the company’s stock, valued at $4,221,683.70. The trade was a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 30,187 shares of company stock valued at $3,027,315. 4.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PFGC shares. Zacks Research upgraded Performance Food Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Wells Fargo & Company raised their price target on shares of Performance Food Group from $115.00 to $130.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Barclays lifted their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. TD Cowen started coverage on shares of Performance Food Group in a report on Tuesday, July 7th. They issued a “buy” rating and a $128.00 price objective on the stock. Finally, Citigroup increased their price objective on shares of Performance Food Group from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $123.09.

Performance Food Group Profile

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.