Jennison Associates LLC Sells 67,785 Shares of Performance Food Group Co (NYSE:PFGC)

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Jennison Associates LLC reduced its position in Performance Food Group Co (NYSE:PFGC) by 2.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,917,045 shares of the food distribution company’s stock after selling 67,785 shares during the period. Jennison Associates LLC owned approximately 2.77% of Performance Food Group worth $116,769,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PFGC. Stone Ridge Asset Management LLC increased its holdings in Performance Food Group by 2.1% in the 2nd quarter. Stone Ridge Asset Management LLC now owns 69,267 shares of the food distribution company’s stock worth $2,773,000 after acquiring an additional 1,400 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in Performance Food Group by 1.2% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 52,259 shares of the food distribution company’s stock worth $2,092,000 after acquiring an additional 640 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Performance Food Group during the 2nd quarter valued at about $54,000. Hillsdale Investment Management Inc. grew its holdings in Performance Food Group by 6.9% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 72,500 shares of the food distribution company’s stock valued at $2,903,000 after buying an additional 4,700 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Performance Food Group by 2.1% during the 2nd quarter. Swiss National Bank now owns 195,700 shares of the food distribution company’s stock valued at $7,834,000 after buying an additional 4,000 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

PFGC has been the subject of a number of recent analyst reports. BMO Capital Markets lifted their target price on Performance Food Group to $52.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Wells Fargo & Co lifted their target price on Performance Food Group from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. ValuEngine raised Performance Food Group from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Loop Capital lifted their target price on Performance Food Group to $50.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Buckingham Research lifted their target price on Performance Food Group from $47.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $46.89.

In related news, insider Patrick T. Hagerty sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $40.22, for a total value of $281,540.00. Following the completion of the sale, the insider now owns 148,506 shares in the company, valued at approximately $5,972,911.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine R. Vlahcevic sold 7,879 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $45.27, for a total value of $356,682.33. Following the completion of the sale, the insider now owns 19,807 shares of the company’s stock, valued at approximately $896,662.89. The disclosure for this sale can be found here. Insiders sold a total of 28,879 shares of company stock valued at $1,217,962 in the last 90 days. 3.80% of the stock is currently owned by corporate insiders.

PFGC stock traded down $0.98 during mid-day trading on Friday, reaching $45.92. 371,753 shares of the company traded hands, compared to its average volume of 772,816. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.57 and a quick ratio of 0.75. The company has a market capitalization of $4.93 billion, a P/E ratio of 24.82, a P/E/G ratio of 2.04 and a beta of 0.66. Performance Food Group Co has a 52-week low of $28.05 and a 52-week high of $47.13. The company has a fifty day moving average price of $43.45 and a 200-day moving average price of $40.46.

Performance Food Group (NYSE:PFGC) last posted its earnings results on Wednesday, August 14th. The food distribution company reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. Performance Food Group had a return on equity of 15.86% and a net margin of 0.84%. The business had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.56 billion. During the same quarter in the previous year, the firm earned $0.53 EPS. The company’s quarterly revenue was up 28.4% compared to the same quarter last year. As a group, analysts forecast that Performance Food Group Co will post 1.98 EPS for the current year.

About Performance Food Group

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates in three operating segments: Performance Foodservice, PFG Customized, and Vistar. The company offers a range of frozen foods, including meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.

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Institutional Ownership by Quarter for Performance Food Group (NYSE:PFGC)

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