Pinnbrook Capital Management LP Invests $12.86 Million in Performance Food Group Company $PFGC

Pinnbrook Capital Management LP purchased a new position in Performance Food Group Company (NYSE:PFGC) in the second quarter, Holdings Channel.com reports. The firm purchased 115,000 shares of the food distribution company’s stock, valued at approximately $12,856,000. Performance Food Group comprises 1.4% of Pinnbrook Capital Management LP’s investment portfolio, making the stock its 21st largest position.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Performance Food Group in the second quarter worth approximately $1,576,983,000. Norges Bank purchased a new stake in Performance Food Group during the 4th quarter valued at $208,170,000. Wellington Management Group LLP raised its stake in Performance Food Group by 46.2% during the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock valued at $646,447,000 after buying an additional 1,964,799 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Performance Food Group by 79.1% during the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock valued at $275,400,000 after buying an additional 1,168,869 shares during the period. Finally, Eminence Capital LP lifted its holdings in shares of Performance Food Group by 60.5% during the 4th quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company’s stock valued at $238,050,000 after buying an additional 998,249 shares during the period. 96.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on PFGC shares. Wells Fargo & Company lifted their price objective on Performance Food Group from $115.00 to $130.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $133.00 target price on shares of Performance Food Group in a report on Thursday, August 13th. Guggenheim raised their target price on Performance Food Group from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. TD Cowen cut their price target on Performance Food Group from $128.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Finally, Citigroup upped their price target on shares of Performance Food Group from $143.00 to $144.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Performance Food Group has an average rating of “Moderate Buy” and an average target price of $126.90.

Performance Food Group Trading Up 1.0%

Shares of PFGC stock opened at $104.99 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67. The company has a market cap of $16.54 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 1.35 and a beta of 0.91. Performance Food Group Company has a 1 year low of $80.82 and a 1 year high of $117.47. The firm has a fifty day moving average price of $110.09 and a 200-day moving average price of $98.24.

Performance Food Group (NYSE:PFGC) last announced its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.01). Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The company had revenue of $18.03 billion during the quarter, compared to the consensus estimate of $18.11 billion. During the same period in the prior year, the business posted $0.84 earnings per share. Performance Food Group’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, equities analysts predict that Performance Food Group Company will post 5.58 earnings per share for the current year.

Insider Activity

In other Performance Food Group news, insider Erika T. Davis sold 2,595 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $110.00, for a total transaction of $285,450.00. Following the sale, the insider owned 40,446 shares in the company, valued at approximately $4,449,060. This trade represents a 6.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider A Brent King sold 6,111 shares of Performance Food Group stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $105.00, for a total transaction of $641,655.00. Following the transaction, the insider directly owned 44,260 shares in the company, valued at $4,647,300. This represents a 12.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,583 shares of company stock valued at $2,913,872 in the last ninety days. 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.